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Binance.US CEO Has Left, Crypto Exchange Cuts 1/3 of Workforce
Company says its actions give it "seven years of financial runway."
By Nick Baker
Updated Sep 13, 2023, 3:52 p.m. Published Sep 13, 2023, 12:17 a.m.
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Binance.US CEO Brian Shroder has left the crypto exchange and the company has eliminated one-third of its workforce, according to a spokesperson.
It's been a tough year for crypto exchanges in the U.S., with Binance.US feeling particular pressure. The Securities and Exchange Commission sued the company in June for allegedly violating securities laws, which built on accusations from another American regulator.
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"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," the company said in a statement. "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."
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Pakistan, Binance Sign MOU to Explore Tokenization of $2B in State Assets: Reuters
The agreement comes as Pakistan accelerates the rollout of a formal crypto regulatory framework and explores blockchain-based distribution of government-owned assets.
What to know:
- Binance plans to tokenize up to $2 billion in bonds, treasury bills, and commodity reserves in Pakistan.
- The initiative is part of Pakistan's effort to use blockchain technology to attract foreign investment and enhance liquidity.
- Pakistan's regulatory actions align with global trends as countries like the UAE and Japan expand crypto exchange licensing rules.
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