- Binance.US witnesses another leadership reshuffle with the departure of Krishna Juvvadi and Sidney Majalya.
- The company faces intensified scrutiny from the U.S. Securities and Exchange Commission (SEC).
In light of recent developments, the landscape of the cryptocurrency world is undergoing significant shifts. Binance.US, the American arm of the global cryptocurrency exchange, is currently at the forefront of this transition. Our view on the Cointelegraph report indicates that just days after the Binance.US CEO, Brian Shroder, left the organization, two more pivotal figures have stepped down – Krishna Juvvadi, the Head of Legal, and Sidney Majalya, the Chief Risk Officer.
Leadership Changes Amid Regulatory Tensions
Juvvadi, who was brought onboard in May 2022, had previously served as the global head of compliance at Uber. He played a crucial role in the company, especially as one of the primary contacts liaising with the SEC. Majalya, joining in December 2021, had a past stint as Intel’s chief compliance officer and, like Juvvadi, had also worked for Uber prior to that.
This leadership turnover follows a broader pattern of internal adjustments within Binance.US. A substantial layoff had been initiated recently, resulting in a third of the company’s workforce departing.
SEC’s Intensified Scrutiny
Regulatory challenges have been mounting for Binance.US. Their operations have caught the attentive eye of the SEC, leading to escalated legal proceedings. Notably, in June, the SEC filed a lawsuit against Binance, as well as its CEO, Changpeng Zhao. The allegations revolved around the company functioning as an unregistered exchange and engaging in other improprieties.
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This has had a cascading effect on the company’s operations. Tensions peaked when Binance.US faced issues with its banking partners, leading to temporary halts in U.S. dollar deposits and withdrawals. These operational hiccups were only settled in August through a partnership with crypto payments company MoonPay.
A Pivotal Moment for Binance.US
The departure of key figures such as Juvvadi and Majalya and the recent tumultuous events place Binance.US in a precarious position. As the crypto industry watches closely, the forthcoming months will be crucial in determining the direction the company takes amidst both internal and external challenges. The stepping down of these pivotal legal and risk officers only accentuates the gravity of Binance.US’s current situation.
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