Binance exchange US leadership shake-up as Krishna Juvvadi and Sidney Majalya step down amidst SEC scrutiny.
Just days after Binance’s departure. Following the release of US CEO Brian Shroder, the cryptocurrency exchange experienced another significant leadership change. Head of Legal Krishna Juvvadi and Chief Risk Officer Sidney Majalya are leaving.
In addition to Juvvadi’s legal expertise, the exchange benefited from Majalya’s Intel-honed compliance insights. This wave of departures is familiar, as it follows a massive layoff in which a third of the company’s personnel was terminated.
Regulatory Pressure on Binance US
Binance US. The U.S. Securities and Exchange Commission (SEC) is increasingly scrutinizing the country. Consequently, the executive office is being affected by this focus from regulators.
IN JUNE, the SEC I filed a lawsuit against Binance and its CEO, Changpeng Zhao, alleging multiple violations, including operating an unregistered exchange. This legal action accentuates the concerns expressed by other U.S. regulatory agencies, such as the CFTC.
A company spokesperson stated that the SEC’s “aggressive moves” have a ripple effect on American employment and innovation. Also, neither Juvvadi nor Majalya have commented on their departure in response to inquiries from the Wall Street Journal.
Earlier departures of key executives, including Global Product Lead Mayur Kamat and Chief Strategy Officer Patrick Hillman, also contributed to these adjustments.
Binance.US is at a critical juncture due to the current turmoil. Consequently, the upcoming months are crucial for the exchange and the wider cryptocurrency industry, which closely observes these developments.
Binance faces both internal and external challenges in this dynamic environment. The U.S. In addition, the departures of senior legal and risk officers highlight the severity of its current situation.
