NewsletterJust In: Binance.US’s Chief Risk Officer and Legal Head Resigns
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.
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.
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.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- 8 Best Crypto Exchanges That Accept PayPal Deposits and Withdrawals
- Jerome Powell Speech Today: What To Expect as Fed Ends QT
- Tom Lee’s BitMine Acquires 96,798 ETH Ahead of Ethereum Fusaka Upgrade
- Schiff Predicts ‘Beginning of the End’ for MSTR as Strategy Eases Bitcoin Sell-Off Fears With $1.44B Reserve
- Bitget Launches MONAD Earn With 20% APR, 800K MON Airdrop Campaign
- Dogecoin Price Below $0.15 as Crypto Market Crashes: Will $0.10 Hold?
- Will the Binance Coin Price Rebound as a Key RWA Metric Jumps 99%
- AVAX Price Prediction After Bitwise Files for a Staking ETF — A Rebound Coming?
- Will Chainlink Price Soar to $20 with U.S. Spot ETF Launch?
- Is Pepe Coin Price at Risk After Forming This Bearish Pattern?
- Bitcoin Price Drops to $87K in a Rapid Crash: What Sparked the Sell-Off?
