Just In: Binance.US’s Chief Risk Officer and Legal Head Resigns

Kelvin Munene Murithi
September 15, 2023
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Breaking: Binance's License Suspension in Florida Overturned By Court

Just days after the exit of Binance.US CEO Brian Shroder, the cryptocurrency exchange endures another significant shake-up in its leadership. Krishna Juvvadi, Head of Legal, and Sidney Majalya, Chief Risk Officer, are stepping away from their roles. Besides bringing in Juvvadi’s legal acumen, the exchange benefited from Majalya’s compliance insights honed at Intel. This wave of departures is not isolated since it follows a sweeping layoff that saw a third of the company’s workforce let go.

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Mounting Regulatory Pressure on Binance.US

Binance.US is grappling with increased scrutiny from the U.S. Securities and Exchange Commission (SEC). Consequently, this focus from regulators is affecting its executive suite. Significantly, a lawsuit filed in June by the SEC targets Binance and its CEO, Changpeng Zhao, alleging multiple violations, including functioning as an unregistered exchange. This legal action amplifies the concerns raised by other U.S. regulatory bodies like the CFTC.

In a statement, a company spokesperson pointed to the SEC’s “aggressive moves” as having a ripple effect on American jobs and innovation. Moreover, neither Juvvadi nor Majalya have broken their silence about leaving, offering no comments to inquiries from the Wall Street Journal.

These changes also come from earlier departures of key executives like Global Product Lead Mayur Kamat and Chief Strategy Officer Patrick Hillmann.

The present turmoil places Binance.US at a critical juncture. Hence, the upcoming months are pivotal for the exchange and the broader cryptocurrency industry keenly observing these developments. The evolving landscape is fraught with both internal and external challenges for Binance. U.S.  Moreover, the exits of top legal and risk officers underscore the severity of its current predicament.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.