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Binance US CEO Departs as Crypto Platform Cuts Third of Staff

Binance.US Chief Executive Officer Brian Shroder has left the crypto trading platform and been replaced on an interim basis by Chief Legal Officer Norman Reed. The departure comes as the company controlled by embattled digital entrepreneur Changpeng “CZ” Zhao is eliminating about one third of its workforce, or more than 100 positions, as a regulatory crackdown erodes its business. It’s the second round of job cuts this year at the Miami-based firm as it faces a series of mounting legal and operational challenges. In March, the US Commodity Futures Trading Commission charged Binance and Zhao with “willful evasion of federal law.” Binance.US’s share of the global market has shrunk to about 0.6%.

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