The flow of top-level resignations shows no sign of easing, as another two executives plan on abandoning the Binance ship. Speculations surfaced on Thursday that the Head of Legal, Krishna Juvvadi, and the Chief Risk Officer, Sidney Majalya, are planning their exits from the cryptocurrency exchange.
Exodus of Binance executives continues as regulator pressures mount
Earlier this month, reports of the departure of Mayur Kamut, the Binance Head of Product, were issued in the wake of other key resignations, which included the Chief Strategy Officer, Patrick Hillmann, and General Counsel, Hon Ng. The company also lost its Senior Director of Investigations, Matthew Price, and Senior Vice President for Compliance, Steven Christie.
Experts opine the resignation of Binance Chief Executive Officer (CEO), Brian Shroder, and an announcement that the company intends to cut 100 jobs triggered these moves. The job cuts constitute approximately a third of employees and will impact its operational efficiency. Reuters approached the company for comment after the CEO’s resignation, and a Binance spokesperson commented:
The actions we are taking today provide Binance US with more than seven years of financial runway and enable us to continue to serve our customers while we operate as a crypto-only exchange.
Binance started grabbing headlines when various financial regulators, including the U.S. Securities and Exchange Commission (SEC) and the Australian Securities and Investment Commission (ASIC), raised regulatory concerns. It also came under the radar of other authorities such as the Commodity Futures Trading Commission (CFTC).
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Despite the optimistic spin Binance attempts to put on these core resignations and its legal challenges, the picture from the outside looking in is not a colourful collage.
