Binance, the world’s largest cryptocurrency exchange, has cut a third of its workforce in America, including its chief executive officer (CEO) for the U.S. region.
Binance.US announced that it has let go CEO Brian Shroder as it seeks to right-size its workforce in its largest market.
The job cuts and CEO removal come as Binance battles regulators in the U.S.
In June of this year, the U.S. Securities and Exchange Commission (SEC) sued privately held Binance for allegedly violating securities laws.
The lawsuit by the SEC mirrors legal actions taken in other jurisdictions around the world.
“The SEC’s aggressive attempts to cripple our industry and the resulting impacts on our business have real world consequences for American jobs and innovation, and this is an unfortunate example of that,” the company said in a written statement.
It is not immediately clear who has or will replace Shroder as CEO of Binance.US.
Binance generated $12 billion U.S. of revenue in 2022 and employs 7,000 people worldwide. It is a private company. Binance’s stock does not trade on a public exchange.
