Binance.US: Legal & Risk Execs Leave Amid Regulatory Pressure

Binance.US: Legal & Risk Execs Leave Amid Regulatory Pressure

Due to regulatory demands, Binance’s U.S. risk and legal executives are resigning. Binance. U.S. CEO Brian Shroder’s departure this week stoked concerns about the crypto giant’s stability.

The director of legal affairs, Krishna Juvvadi, and the chief risk officer, Sidney Majalya, are leaving their positions.

Juvvadi, who joined the company in May 2022, performed a crucial role as one of Binance.US’s primary Securities and Exchange Commission (SEC) contacts.

In December 2021, Majalya assumed the role of Chief Risk Officer.

The SEC has aggressively pursued regulatory action against Binance, its founder Changpeng Zhao, and Binance.US, alleging them of operating an unlawful trading platform in the United States.

In a lawsuit filed in June, the SEC alleges multiple violations, including operating as an unregistered exchange.

These departures are attributed to the SEC’s actions, which have a cascading effect on American employment and innovation.

However, neither Juvvadi nor Majalya have commented on their respective resignations.

Mayur Kamat, Binance’s global director of product, left the company in early September, and Patrick Hillmann, its chief strategy officer, resigned in July.

As part of its efforts to adapt to the evolving regulatory environment, the company has also announced intentions to reduce its workforce by more than 100 positions, or roughly one-third of its employees.

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