CEO Brian Shroder departs crypto company amid new round of layoffs: reports

Brian Shroder, the chief executive of the U.S. arm of embattled crypto exchange Binance, has reportedly left the company.

The Wall Street Journal, Bloomberg News and Reuters reported Tuesday night that Shroder, who took over in 2021, has been replaced on an interim basis by the company’s chief legal officer, Norman Reed. did not immediately reply to a request for confirmation or comment.

Shroder’s departure comes along with a new round of job cuts, according to the reports, with about one-third of staff — more than 100 workers — being laid off Tuesday.

In May, the U.S. Commodity Futures Trading Commission sued Binance — the world’s largest crypto exchange — for allegedly flouting commodity trading laws, and in June, the Securities and Exchange Commission sued Binance and its founder, Changpeng Zhao, alleging multiple securities violations.

“We allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure and calculated evasion of the law,” SEC Chairman Gary Gensler said at the time.

Binance and Zhao have denied the allegations.

In July, several Binance executives left the company amid the regulatory crakdown, including its chief strategy officer, compliance officer and legal counsel.

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