- Earlier this year, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance, its founder Changpeng Zhao, and its American unit, Binance US.
- According to sources familiar with the matter, the chief legal officer Krishna Juvvadi and chief risk officer Sidney Majalya are leaving the company.
- In addition to regulatory issues in the U.S. and Europe, Binance is also facing problems regarding its presence in Russia.
Officials are resigning amid regulatory troubles at Binance US, the largest cryptocurrency exchange in the world.
Resignations Continue at Binance US Exchange
Binance US, a cryptocurrency exchange currently under intense regulatory pressure, is witnessing the departure of key legal and risk officials.
According to sources familiar with the matter, Chief Legal Officer Krishna Juvvadi and Chief Risk Officer Sidney Majalya are leaving the company. These departures come ahead of CEO Brian Shroder’s resignation earlier this week.
Earlier this year, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance, its founder Changpeng Zhao, and its American unit, Binance US, alleging that they operated an illegal trading platform in the United States. Juvvadi had been one of the representatives communicating with the SEC.
Juvvadi and Majalya have not commented on the matter. Since the SEC filed its lawsuit in June, Binance US has suffered a significant blow, with its market share plummeting.
Binance Faces Challenges Beyond the U.S.
In addition to regulatory issues in the U.S. and Europe, Binance is also facing challenges regarding its presence in Russia. Binance has reported considering a complete withdrawal from the Russian crypto market, alleging non-compliance with Russian sanctions. This coincides with the period in which officials at Binance US are resigning.
Following Binance’s announcement that it was considering a complete withdrawal from Russia, Binance’s Head of Eastern Europe & Russia and the Regional Manager for Russia resigned.
Additionally, on September 4th, Binance’s Global Product Lead, Mayur Kamat, also resigned from his position at the exchange following regulatory issues.
