Binance.US legal executive, chief risk officer leave the exchange: WSJ

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By BitcoinWiki News

Key Takeaways:

– Binance.US is losing executives as pressure mounts from regulators
– Krishna Juvvadi, head of legal, and Sidney Majalya, chief risk officer, are leaving the exchange
– Brian Shroder, the head of Binance.US, left the firm recently along with layoffs of a third of its staff
– The SEC filed a lawsuit against Binance in June, accusing it of operating as an unregistered exchange and evading U.S. securities laws
– Juvvadi joined Binance.US in May 2022 from Uber
– Majalya joined Binance.US in December 2021 and was previously the chief compliance officer at Intel
– Binance.US has scaled back operations in response to the SEC’s lawsuit
– The departure of executives and layoffs are seen as consequences of the SEC’s actions
– Binance.US and its CEO, Changpeng Zhao, are accused of knowingly evading regulations to maximize profits
– This information is provided for informational purposes only and does not constitute legal, tax, investment, financial, or other advice.

Binance.US is facing further executive departures as regulatory pressure mounts. Krishna Juvvadi, head of legal, and Sidney Majalya, chief risk officer, are leaving the exchange. This follows the recent departure of Binance.US CEO Brian Shroder, along with staff layoffs. The Securities and Exchange Commission’s lawsuit against Binance in June has led to the exchange scaling back operations. Binance.US has criticized the SEC’s actions, citing negative impacts on American jobs and innovation. Juvvadi and Majalya joined Binance.US in 2022 and 2021 respectively. The SEC’s lawsuit against Binance alleges multiple violations, including operating as an unregistered exchange and attempting to evade US securities laws.

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