Changpeng Zhao Unveils New CEO As Shroder Leaves
Following the departure of Binance US CEO Brian Shroder, there has been significant apprehension surrounding the legal challenges plaguing the company in the United States.
The SEC recently accused Binance US of refusing to cooperate in a comprehensive investigation. Federal regulators were mostly concerned about Ceffu, a custody service linked to Binance US. Ceffu emphasized its independence however, stating that it has always functioned as a completely separate wallet solution provided to institutional clients.
Breaking his silence on the matter, Binance CEO Changpeng Zhao (CZ) responded to the recent speculations. CZ acknowledged the recent leadership changes within the American branch of the exchange and expressed his belief that Shroder deserved a break following his notable contributions to the company.
CZ extended his gratitude to Shroder for his service and refuted allegations that he left his position to evade the legal issues facing the company. Nevertheless, CZ announced the appointment of Norman Reed, presently serving as the interim CEO, as the new official CEO of Binance US.
CZ also attributed this decision to the evolving landscape of the crypto industry, emphasizing the increasingly stringent regulatory environment. He highlighted the previous roles Reed held at the SEC, New York FED, Ripple, and DTCC, affirming his suitability for the role.
Despite all the controversy surrounding Binance, which continues to be the largest crypto exchange in the world, CZ urged everyone to disregard the recent fear, uncertainty, and doubt (FUD) and encouraged ongoing global development while adhering to the necessary regulations.
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