Binance.US cuts a third of its workforce following the departure of CEO Brian Shroder

Staff reduction and departure comes amid lawsuit filed by U.S. regulators.

Binance.US, the American arm of the cryptocurrency exchange, has cut about a third of its staff – or 100 positions – and its president and CEO Brian Shroder has also left the company.

A Binance.US spokesperson confirmed the layoffs and Shroder's departure to Cointelegraph, adding that it had taken steps to give the exchange "more than seven years of financial runway" as part of its move to an exclusively crypto exchange.

"The Securities and Exchange Commission's aggressive attempts to cripple our industry and the resulting impacts on our business have real-world consequences for U.S. jobs and innovation, and this is one example unhappy."

The spokesperson confirmed that Shroder had been replaced on an interim basis by general counsel Norman Reed.

Shroder joined Binance.US in September 2021 and his departure comes amid a series of regulatory actions taken against the company in recent months.

Related: Binance's Richard Teng denies FTX comparisons: 'We welcome scrutiny'

Earlier this year, the SEC and the Commodity Futures Trading Commission sued Binance, Binance.US and the exchange's co-founder, Changpeng "CZ" Zhao, alleging that it operated an illegal exchange, selling securities unregistered, violated commodity laws and mistreated customers. funds.

On June 9, the exchange suspended dollar deposits and informed customers that it would also suspend fiat withdrawal channels amid the battle with the SEC.

Binance.US then switched to a crypto-only exchange for two months, only paving the way for the dollar to rise again in August when it entered into a partnership with MoonPay.

In July, a Reuters report cited...