Binance US CEO Is ‘Taking Deserved Break,’ CZ Seeks to Downplay Executive Exodus
Binance founder
Changpeng Zhao has commented on the latest executive departures from his company’s American branch. The changes in the U.S. crypto trading firm’s management, including the release of its chief executive,
followed similar developments at the global exchange.
“Brian Shroder is taking a deserved break after accomplishing what he set out to do when he joined two years ago. Under his leadership, Binance US raised capital, improved its product and service offerings, solidified internal processes, and gained significant market share, all of which helped to build a more resilient company for the benefit of customers,” CZ said in the post on Friday.
While expressing gratitude for Shroder’s contributions,
Zhao explained that the crypto market is now in a different place than two years ago, when he joined Binance’s U.S. arm. He made a reference to the
“rapidly evolving and increasingly hostile regulatory environment,” reiterated his call on followers to ignore FUD (fear, uncertainty, and doubt), and insisted:
Reed is an interim appointment,
according to a company spokesperson who gave no specific reason for Shroder’s departure when announcing it this week. However, the shift comes amid increased regulatory pressure on
Binance US which has resulted in shrinking market share and significant layoffs.
