Binance.US faces exodus of key executives amid regulatory struggles

Risk and legal executives at Binance’s U.S. affiliate are departing amidst a backdrop of escalating regulatory challenges, according to a report by the Wall Street Journal↗︎, citing insiders familiar with the situation.

Krishna Juvvadi, the head of the legal department, and Sidney Majalya, the chief risk officer, are stepping down from their roles at Binance.US.

Binance.US has refrained from offering any official comments on this matter.

Earlier this week, the company announced the impending departure of its CEO, Brian Shroder, and revealed plans to reduce its workforce by over 100 positions, equating to approximately one-third of its total headcount.

The U.S. Securities and Exchange Commission (SEC) lodged a civil complaint against Binance and its founder Changpeng Zhao in June. The complaint alleges that they established Binance.US as part of a scheme to elude U.S. securities laws, which are designed to safeguard American investors.

Binance has also experienced several departures among its executive ranks. Mayur Kamat, the global head of product, resigned earlier this month, and Patrick Hillmann, the chief strategy officer, departed in July.