Binance CEO indirectly admits that regulatory heat was the reason behind Binance CEO’s departure

Changpeng Zhao (CZ) dismissed all the FUD but admitted that the situation for BinanceUS is not good enough to provide services in the US. 

Binance is a top-ranked global crypto exchange. Its sister firm BinanceUS, an American subsidiary, is currently under huge legal hurdles following two lawsuits by America’s top two financial regulators this year, namely CFTC & the SEC body. Currently, a dozen crypto assets are available on BinanceUS for the customers, as the platform delisted the majority of the crypto assets following SEC’s suit.

On 15 Sep 2023, Binance CEO Changpeng Zhao (CZ) responded to the FUD, spreading against BinanceUS, and said that former BinanceUS CEO Brian Shroder joined the exchange two years back & and under his leadership BinanceUS grabbed huge growth & success but now he planned to take rest & also he deserved.

CZ thanked Shroder for his contribution to the BinanceUS exchange and said that the current situation is different. In short, the situation is currently totally different from the situation that was two years back. 

According to CZ, the hostile condition for this sector is surging rapidly in the US. CZ confirmed that Norman Reed will lead @BinanceUS in this market.

Reed has past working experience as an executive at SEC, New York Fed, Ripple, and DTCC. 

There has been some speculation regarding recent management changes at @BinanceUS. Brian Shroder is taking a deserved break after accomplishing what he set out to do when he joined two years ago. Under his leadership, https://t.co/hSHrrlF7o7 raised capital, improved its product…

— CZ Binance (@cz_binance) September 15, 2023

It is worth it to note that the new BinanceUS CEO has experience at the SEC, which is the top US regulatory body. Probably it will help BinanceUS exchange to get some better way to handle the conflict with the US regulators.

A couple of months ago, a few people claimed that Binance CEO CZ wanted to liquidate the BinanceUS platform but the majority of the stakeholders opposed the CZ’s plan, later CZ denied all this fud & fake news. 

In the past couple of years, the majority of the crypto companies blindly admitted their mistake & settled the case with the SEC. The good thing that we can see in the BinanceUS vs SEC fight is that no settlement news came into the public domain & it is expected that the BinanceUS vs. SEC fight will help to bring legal clarity for the crypto companies in the US crypto sector.

Read also: Hong Kong issues warning against “Crypto Bank” like services