Norman Reed assumes the interim CEO role at Binance.US.
The market share of the company shrinks amid regulatory challenges.
Brian
Shroder, the CEO of Binance.US (the American arm of the cryptocurrency exchange Binance), has left his position and has been temporarily replaced by Norman
Reed, the Chief Legal Officer, as per a company spokesperson. This leadership
change comes amid significant challenges for Binance.US, which is formally
known as Bam Trading Services.
Impact of Regulatory Troubles
on Binance.US Operations
Binance.US
has decided to reduce its workforce by approximately one-third amounting to over
100 job cuts. These layoffs are anticipated as part of the company's response to
growing regulatory pressures that have been affecting its business operations.
Earlier
in the year, Binance.US faced legal troubles when the U.S. Securities and
Exchange Commission (SEC) filed allegations against Binance Holdings, Changpeng Zhao (its
Co-Founder also known as CZ), and Binance.US. The SEC accused
them of mishandling customer funds, misleading investors and regulators, and
violating securities regulations. However, Zhao and the companies denied these
allegations.
In
addition to the SEC's legal action, the U.S. Commodity
Futures Trading Commission (CFTC) charged Binance and CZ with 'willful evasion of federal law' in
March. The U.S. Department of Justice has initiated a probe into Binance. No
criminal accusations have been made against the company as of now.
Following
the lawsuits by the US regulators, the American arm of Binance dropped support
for fiat and became a crypto-only exchange. It onboarded MoonPay as a payments
partner to enable USD on-ramp services.
The
impact of these regulatory issues is reflected in Binance.US's market share. It has declined significantly
from approximately 2.39% in April to around 0.6%, according to Jacob
Joseph, an analyst at research firm CCData. The monthly trading volume on the
platform has fallen below levels seen in early 2020.
Resignations and Departures amid
Ongoing Regulatory Pressure
Finance
Magnates reported in the first week of July that
senior executives at Binance are reportedly leaving the cryptocurrency exchange
amid ongoing regulatory challenges. Some employees are planning to resign,
while others have already departed. Patrick Hillmann, the Chief Strategy Officer
since 2021, confirmed his departure, emphasizing an amicable parting. Other
senior executives said to have left include Steven Christie, Senior Vice
President for Compliance, and Hon Ng, the General Counsel. Eleanor Hughes is
reportedly set to become the new General Counsel.
A week
later, Finance Magnates reported that Binance has laid
off over 1,000 employees recently, reducing its global workforce of
8,000. Regulatory pressure and executive departures have led to downsizing,
with customer-service workers primarily affected. The US
SEC has
charged Binance with running unregistered trading platforms and misusing
customer funds, and the exchange is concerned about possible charges from the
US Department of Justice.
Binance.US
is navigating a challenging period marked by regulatory scrutiny and
operational hurdles, leading to leadership changes and staff reductions.
Brian
Shroder, the CEO of Binance.US (the American arm of the cryptocurrency exchange Binance), has left his position and has been temporarily replaced by Norman
Reed, the Chief Legal Officer, as per a company spokesperson. This leadership
change comes amid significant challenges for Binance.US, which is formally
known as Bam Trading Services.
Impact of Regulatory Troubles
on Binance.US Operations
Binance.US
has decided to reduce its workforce by approximately one-third amounting to over
100 job cuts. These layoffs are anticipated as part of the company's response to
growing regulatory pressures that have been affecting its business operations.
Earlier
in the year, Binance.US faced legal troubles when the U.S. Securities and
Exchange Commission (SEC) filed allegations against Binance Holdings, Changpeng Zhao (its
Co-Founder also known as CZ), and Binance.US. The SEC accused
them of mishandling customer funds, misleading investors and regulators, and
violating securities regulations. However, Zhao and the companies denied these
allegations.
In
addition to the SEC's legal action, the U.S. Commodity
Futures Trading Commission (CFTC) charged Binance and CZ with 'willful evasion of federal law' in
March. The U.S. Department of Justice has initiated a probe into Binance. No
criminal accusations have been made against the company as of now.
Following
the lawsuits by the US regulators, the American arm of Binance dropped support
for fiat and became a crypto-only exchange. It onboarded MoonPay as a payments
partner to enable USD on-ramp services.
The
impact of these regulatory issues is reflected in Binance.US's market share. It has declined significantly
from approximately 2.39% in April to around 0.6%, according to Jacob
Joseph, an analyst at research firm CCData. The monthly trading volume on the
platform has fallen below levels seen in early 2020.
Resignations and Departures amid
Ongoing Regulatory Pressure
Finance
Magnates reported in the first week of July that
senior executives at Binance are reportedly leaving the cryptocurrency exchange
amid ongoing regulatory challenges. Some employees are planning to resign,
while others have already departed. Patrick Hillmann, the Chief Strategy Officer
since 2021, confirmed his departure, emphasizing an amicable parting. Other
senior executives said to have left include Steven Christie, Senior Vice
President for Compliance, and Hon Ng, the General Counsel. Eleanor Hughes is
reportedly set to become the new General Counsel.
A week
later, Finance Magnates reported that Binance has laid
off over 1,000 employees recently, reducing its global workforce of
8,000. Regulatory pressure and executive departures have led to downsizing,
with customer-service workers primarily affected. The US
SEC has
charged Binance with running unregistered trading platforms and misusing
customer funds, and the exchange is concerned about possible charges from the
US Department of Justice.
Binance.US
is navigating a challenging period marked by regulatory scrutiny and
operational hurdles, leading to leadership changes and staff reductions.
Australia Eyes Unreported Crypto Transactions: Taxman Targets 1.2 Million Accounts
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
π LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
π Facebook: https://www.facebook.com/FinanceMagnatesEvents
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βΆοΈ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
π LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
π Facebook: https://www.facebook.com/FinanceMagnatesEvents
πΈ Instagram: https://www.instagram.com/fmevents_official
π¦ Twitter: https://twitter.com/F_M_events
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βΆοΈ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
π LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
π Facebook: https://www.facebook.com/FinanceMagnatesEvents
πΈ Instagram: https://www.instagram.com/fmevents_official
π¦ Twitter: https://twitter.com/F_M_events
π₯ TikTok: https://www.tiktok.com/@fmevents_official
βΆοΈ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
π LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
π Facebook: https://www.facebook.com/FinanceMagnatesEvents
πΈ Instagram: https://www.instagram.com/fmevents_official
π¦ Twitter: https://twitter.com/F_M_events
π₯ TikTok: https://www.tiktok.com/@fmevents_official
βΆοΈ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
π£ Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
π LinkedIn: https://www.linkedin.com/company/financemagnates/
π Facebook: https://www.facebook.com/financemagnates/
πΈ Instagram: https://www.instagram.com/financemagnates_official
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βΆοΈ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
π Subscribe to our YouTube channel for more!π
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
π£ Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
π LinkedIn: https://www.linkedin.com/company/financemagnates/
π Facebook: https://www.facebook.com/financemagnates/
πΈ Instagram: https://www.instagram.com/financemagnates_official
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Don't miss out on our latest videos, interviews, and event coverage.
π Subscribe to our YouTube channel for more!π
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
π£ Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
π LinkedIn: https://www.linkedin.com/company/financemagnates/
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π¦ X (Twitter): https://twitter.com/financemagnates/
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βΆοΈ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
π Subscribe to our YouTube channel for more!π
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
π£ Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
π LinkedIn: https://www.linkedin.com/company/financemagnates/
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π¦ X (Twitter): https://twitter.com/financemagnates/
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