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Brian Shroder, the chief exec of Binance US , has stepped down and been temporarily replaced by chief legal officer Norman Reed, as the firm cuts one-third of its employees amid mounting regulatory scrutiny. Shroder’s departure comes hot on the heels of other Binance top executives leaving, including head of Eastern Europe and Russia, Gleb Kostarev, and global head of product, Mayur Kamat. The global crypto exchange is embroiled in numerous regulatory crackdowns and investigations by the US Commodity Futures Trading Commission (CFTC), Justice Department, and Securities and Exchange Commission (SEC), into money laundering, mishandling customer funds, ignoring sanctions, and more. Binance US has also decided to cut another round of employees, this time more than 100 people. A spokesperson said in a statement that the move was a direct result of regulatory pressure in the US. “The actions we are taking today provide Binance.US with more than seven years of financial runw...

In its recent tweet, Binance.US shared the email copy which shows that its banking and payment partners have shown the intent to pause US Dollar fiat channels next week onwards from June 13. Binance.US said that starting today, they will start suspending USD deposits and other recurring buy orders. On the other hand, it plans for its transition to a crypto-only exchange very soon. advertisement In its post, Binance.US blamed the SEC for using “extremely aggressive and intimidating tactics” in its ideological campaign against America’s crypto industry. Binance said that its decision to suspend USD will help them protect their customers against the high-ended regulatory action. In its Twitter post, the exchange writes: “Our priority is, and has always been, our customers. We are taking these proactive steps as we–for a time–transition to a crypto-only exchange. To be clear, we maintain 1:1 reserves for all customer assets. Any...