Binance US reduces staff by a third, CEO leaves


Binance US, the US branch of the Binance cryptocurrency exchange, has undertaken significant restructuring measures, which include a workforce reduction of approximately one-third, equivalent to the elimination of 100 positions. Brian Shroder, the President and CEO of Binance US, has also stepped down from his role.


Brian Shroder joined Binance US in September 2021, and his departure coincides with a wave of regulatory actions taken against the exchange in recent months.


As a temporary measure, Norman Reed, the Chief Legal Officer of Binance US, has assumed the role vacated by Brian Shroder.

A spokesperson representing Binance US officially verified these layoffs and Brian Shroder’s departure and said that the actions were taken to bolster the exchange’s financial resilience, providing it with a substantial financial buffer as it transitions into a crypto-only exchange.


Impact of SEC’s regulatory action against Binance


 The cryptocurrency exchange spokesperson emphasized the impact of the Securities and Exchange Commission’s (SEC) robust regulatory action on the cryptocurrency industry asserting that the actions of the regulator have tangible repercussions on American jobs and innovation.


Earlier this year, both the SEC and the Commodity Futures Trading Commission (CFTC) initiated legal action against Binance, Binance US, and the exchange’s co-founder, Changpeng “CZ” Zhao for operating an illicit exchange, selling unregistered securities, violating commodities regulations, and mismanaging customer funds.


In response to the regulatory challenges, on June 9, Binance US suspended dollar deposits and communicated the temporary cessation of fiat withdrawal channels during its ongoing battle with the SEC. The exchange subsequently operated exclusively as a crypto-only platform for two months before reintroducing USD transaction capabilities in August after a partnership with MoonPay.


According to a July report from Reuters, which cited data from Kaiko, Binance US experienced a substantial reduction in its market share in the US cryptocurrency market. Its market share plummeted from more than 22% in April to approximately 0.9% by June 26, underscoring the evolving landscape and challenges faced by the exchange in the United States.


Source : CoinJournal / September 13, 2023 logo


240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma


The purchase of digital assets is subject to a high market risk and price volatility. Changes in value can be significant and occur rapidly and without warning. Past performance is not a reliable indicator of future performance. The value of an investment and returns can fluctuate both up and down, and you may not recover the amount you invested. RISK WARNING

Automata ICO Limited has a branch in Italy with its registered office at Via Archimede, 161, Roma, Italy, and registered in Italy under number 96550860587 with the Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).

Automata France SAS is a company registered in France with the company number 902 498 617. Automata FRANCE SAS is registered with the french Financial Market Authority, l’Autorité des marchés financiers (“AMF”), as a provider of Virtual Asset Service Provider under number E2023-087.

Automata Pay Europe Limited is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Your funds will be held in one or more segregated accounts and safeguarded in line with the Financial Supervision Act. How we keep your money safe.