Binance.US is undergoing further leadership changes, with the departure of two key executives following the recent exit of CEO Brian Shroder and significant staff reductions driven by heightened regulatory scrutiny.
Head of Legal Krishna Juvvadi and Chief Risk Officer Sidney Majalya are stepping down, citing insider sources.
Krishna joined the company in May of the previous year, while Sidney took on the role in December 2021.
Neither affected parties have publicly commented on their departures.
A company spokesperson attributed these changes to the SEC's assertive regulatory stance, which is impacting both employment and innovation within the crypto space.
While Binance and Binance.US assert their operational independence, it is evident that the legal issues faced by the global exchange are having repercussions on its affiliated entities.
The ongoing departure of top executives within Binance.US has prompted the firm to underscore its commitment to maintaining seamless customer service in its role as a crypto-only exchange.
However, as the legal challenges persist and experienced leaders exit, Binance.US confronts substantial hurdles in navigating the intricate regulatory landscape and restoring stability.
Addressing the legal allegations, rebuilding its leadership team, fortifying compliance measures, and rebuilding trust among regulators, investors, and users are pivotal steps.