Last Updated on 15 September 2023 by Admin
There have been substantial layoffs at the Binance US exchange as a result of the increased scrutiny from authorities. The US arm CEO handed up his resignation on a Wednesday. Now, both Binance’s US chief risk officer (CRO) and head of legal have announced their resignations.
According to those in the know, both the head of legal, Krishna Juvvadi, and the chief risk officer, Sidney Majalya, are departing the business.
Trouble Continues
This year has been particularly difficult for the cryptocurrency exchange Binance US as a result of the SEC’s lawsuit against the company. The SEC asserts that the exchange is providing an unlicensed trading venue in the United States.
Binance stated:
“The SEC’s aggressive attempts to cripple our industry and the resulting impacts on our business have real-world consequences for American jobs and innovation, and this is an unfortunate example of that.”
As the head of law for Binance US, Juvvadi was a key point of contact for the company when communicating with the SEC. At the end of May of 2022, Juvvadi was employed. Moreover, in December of 2021, Majalya was named chief regulatory officer. At this point, neither Juvvadi nor Majayla have made any public statements on their departure.
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