1. BITBILIHome
  2. Article

Binance CEO clarifies ongoing rumors about the exchange

• 98 views

TL;DR Breakdown

  • Binance CEO Changpeng Zhao has clarified some ongoing rumors about some executive changes at the exchange.
  • Regulatory hurdles and the way forward for the exchange.

Description

Binance CEO Changpeng Zhao (CZ) has addressed speculation surrounding the departure of Binance.US CEO Brian Shroder, emphasizing that Shroder is simply taking a well-deserved break following a successful tenure with the company. Binance.US, a subsidiary of Binance Holdings, has witnessed several high-level executive departures recently amidst legal challenges from both the U.S. Securities and Exchange … Read more

Binance CEO Changpeng Zhao (CZ) has addressed speculation surrounding the departure of Binance.US CEO Brian Shroder, emphasizing that Shroder is simply taking a well-deserved break following a successful tenure with the company. Binance.US, a subsidiary of Binance Holdings, has witnessed several high-level executive departures recently amidst legal challenges from both the U.S. Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC).

Binance CEO urges the public to ignore FUD

In a statement via Twitter on September 15, the Binance CEO urged the public to “ignore FUD” (Fear, Uncertainty, Doubt) regarding the recent executive changes, suggesting that Shroder’s departure was amicable. The Binance CEO praised Shroder’s accomplishments during his two-year tenure, citing achievements such as raising capital, improving product and service offerings, streamlining internal processes, and gaining substantial market share. These achievements, according to the Binance CEO, contributed to building a more resilient company for the benefit of customers.

However, Binance has not been without its legal challenges. It is currently facing lawsuits from both the SEC and CFTC, alleging multiple violations of securities and trading laws. These include the alleged sale of unregistered securities and mishandling of customer funds. The SEC, as part of its lawsuit, claimed that Binance’s U.S. and international branches had illegally commingled funds between each other.

Amid these legal battles, Binance.US announced on September 13 that it would be laying off one-third of its staff, coinciding with Shroder’s departure as CEO. On September 14, the company witnessed two more executive departures as head of legal Krishna Juvvadi and chief risk officer Sidney Majalya decided to resign. These developments fueled speculation on Twitter that Binance might be grappling with more serious legal issues than initially understood.

Regulatory hurdles and the way forward for the exchange

In a post on Twitter, Binance CEO CZ seemed to reference the lawsuits and acknowledged that the cryptocurrency market has evolved significantly over the past two years. He noted that crypto firms are now operating in an “increasingly hostile regulatory environment.” CZ expressed confidence in the newly appointed CEO of Binance.US, Norman Reed, stating that he is the “right person” to lead the U.S.-based exchange during this period of regulatory change. Binance stands as the largest cryptocurrency exchange globally in terms of trading volume.

However, it has faced mounting criticism, particularly after the third-largest exchange, FTX, encountered financial difficulties in November. FTX executives were subsequently charged with fraud. Critics have argued that Binance lacks transparency in its business practices and has not provided adequate evidence of its financial solvency. In response, the Binance CEO has consistently dismissed these concerns, asserting that the company has “no liquidity issues” and characterizing claims against it as baseless.

Binance.US CEO Brian Shroder’s decision to step back from his role comes at a time when the exchange is navigating complex legal challenges from both the SEC and CFTC. Amidst executive departures and growing regulatory scrutiny, Binance’s leadership is emphasizing its commitment to adapting to the evolving regulatory landscape in the cryptocurrency industry. As the crypto market continues to evolve, the appointment of Norman Reed as the new CEO of Binance.US signals a strategic move to navigate the changing regulatory terrain and uphold the exchange’s position in the global crypto landscape.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Binance CEO clarifies ongoing rumors about the exchange

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年9月17日 00:04
Next 2023年9月17日 01:41

Related articles

  • Can You Buy Cryptocurrency With A Credit Card? Article

    Can You Buy Cryptocurrency With A Credit Card?

    The answer is yes. Many users prefer credit cards for a variety of reasons. Here’s why you should consider using one to buy crypto. Some users prefer wallets or bank transfers to buy crypto. These methods incur the lowest fees, but they can be slow for someone that likes convenience and speed. In this case, credit cards are the best option. At Toobit, you can buy crypto with everyday fees using a VISA or Mastercard credit card. Alternatively, Toobit also provides crypto purchases via fiat deposit. If you’re interested in buying crypto with a credit card, check if your card issuer and payment network allow the transaction type. Credit card issuers that block crypto purchases have varying reasons. Capital One, for example, decided to decline cryptocurrency purchases to protect cardholders from fraud, losses, and market volatility. Note: To ensure your credit card is suitable, we recommend double-checking before initiating any crypto transaction with your credit card issuer. Why Should I Buy Crypto With a Credit Card? Here are all the benefits of using one to buy crypto — which often…

    2023年5月30日

  • SEC chairman says existing guidelines are clear enough

    TL;DR Breakdown SEC chairman addresses regulatory issues in a keynote speech. Analysts question SEC’s regulatory process as EU drafts new crypto rules. SEC Chairman Gary Gensler emphasized the publication of existing rules and guidelines during his recent keynote speech at the 27th annual Financial Markets Conference. Gensler refuted criticism that the SEC has not provided adequate guidance to crypto companies seeking compliance with federal law. The SEC chairman gave a speech on regulatory issues The conference, themed “Old Challenges in New Clothes,” gathered notable financial authorities, industry experts, and digital economy participants. The SEC chairman’s speech primarily focused on broader financial market issues. However, the discussion turned to digital assets when moderator Tom Barkin, President and CEO of the Federal Reserve Bank of Richmond, inquired about the ongoing court case involving Coinbase and the SEC’s enforcement efforts in the crypto space. While acknowledging the groundbreaking work of Satoshi Nakamoto and the innovation brought about by cryptocurrencies, Gensler rebutted claims that the SEC is lagging, citing the agency’s track record of initiating 140 cases in the past. The SEC chairman warned…

    Article 2023年5月17日

  • Russia advances in the CBDC race as Putin signs digital ruble bill into law

    TL;DR Breakdown Russian President Vladimir Putin has signed into law a bill that paves the way for the creation of a Central Bank Digital Currency (CBDC), the digital ruble. The law, which comes into effect on August 1, 2023, allows the Bank of Russia to issue the digital ruble, which will be used alongside cash and non-cash rubles. The use of the digital ruble will be voluntary, and the Bank of Russia does not expect mass adoption before 2025 or 2027. Description Russian President Vladimir Putin has signed the digital ruble bill into law, marking a significant step towards the country’s central bank issuing its own digital currency, according to a document released by the Russian government. The law, signed on July 24, 2023, will officially come into effect on August 1, 2023. This development follows the … Read more Russian President Vladimir Putin has signed the digital ruble bill into law, marking a significant step towards the country’s central bank issuing its own digital currency, according to a document released by the Russian government. The law, signed on July…

    Article 2023年7月25日

  • UK court grants appeal to Craig Wright in landmark Bitcoin copyright lawsuit

    TL;DR Breakdown The UK courts have allowed an appeal from Craig Wright, who claims to be the creator of Bitcoin, to contest the copyright claim of the Bitcoin whitepaper in the UK. The appeal decision is crucial as it could determine if Wright’s claim of being Nakamoto and holding the Bitcoin copyright is valid. The case has sparked debates within the crypto community, with many doubting Wright’s claim and questioning the true identity of Nakamoto. Description The self-proclaimed inventor of Bitcoin, Craig Wright, was granted permission to appeal to the courts in the United Kingdom, which is a significant move in the continuing legal struggle over the ownership rights to Bitcoin.  The decision opens the door for Craig Wright to challenge the Bitcoin copyright claim in the United Kingdom. UK court … Read more The self-proclaimed inventor of Bitcoin, Craig Wright, was granted permission to appeal to the courts in the United Kingdom, which is a significant move in the continuing legal struggle over the ownership rights to Bitcoin.  The decision opens the door for Craig Wright to challenge the…

    Article 2023年7月23日

  • Crypto firm Bitlucky crashes in controversy: Croatian authorities probe $75 million loss

    TL;DR Breakdown Croatian crypto investment firm Bitlucky allegedly lost $75M in client assets due to bad trades and decisions. Director Luka Burazer acknowledged the crisis and has since been unreachable; Croatian police have opened an investigation. Bitlucky had promised investors 5-25% monthly returns, sparking Ponzi scheme suspicions in the wake of the collapse. The Croatian investment firm Bitlucky has found itself in controversy following its sudden collapse and alleged loss of $75 million in client assets. Croatian authorities have investigated the matter, marking a dramatic twist in the country’s burgeoning crypto scene. A tumble in the blockchain universe Bitlucky, once portrayed as “your window into the blockchain world,” now presents a shattered image. The company’s fall has sent shockwaves through the crypto community, particularly in the Balkans, with its promise of a secure entry into the digital market. The firm’s director, Luka Burazer, reportedly emailed its approximately 700 clients, informing them of a chain of adverse trades and decisions that plunged the company into a crisis. “Unfortunately, with a series of bad trades and decisions, I brought the state of…

    Article 2023年5月26日
TOP