Bitcoin

CZ Says Departed Binance.US CEO Just Needed A Break

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Binance CEO Changpeng Zhao (CZ) published a tweet re-encouraging followers to “ignore FUD” – this time surrounding rotating management at his exchange’s U.S. subsidiary, Binance.US.

The statement follows three executive departures from the exchange this week, mimicking earlier, similar behavior from top brass at the international exchange.

  • In his tweet, CZ noted speculation regarding recent management changes at Binance.US, one of which included the exit of CEO Brian Shroder earlier this week.
  • “Brian Shroder is taking a deserved break after accomplishing what he set out to do when he joined two years ago,” wrote CZ. “We are grateful for his contributions.”

  • Shroder’s position is now replaced by Norman Reed, a former member of the SEC and New York Federal Reserve. CZ believes his government experience will help the firm navigate “the rapidly evolving and increasingly hostile regulatory environment” within crypto today.
  • On Thursday, The Wall Street Journal reported that the exchange’s legal head Krishna Juvvadi, and Chief Risk Officer Sidney Majalya had also left their posts. This follows a series of similar departures from Binance in early July that stoked worries of internal conflict at the company.
  • Travis Kling, a hedge fund manager and victim of FTX’s collapse, published a viral tweet last week outlining Binance’s “implosion timeline “ – a series of negative events and red flags signaling the firm’s impending doom.
  • CZ dismissed the post as “FUD” at the time for ignoring various positive developments at the exchange.
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