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Key Departure at Binance.US: Head of Legal and Chief Risk Officer Resigns, Reports WSJ

Press Releases
Sep 15, 2023 at 11:40 am

Following the departure of CEO Brian Shroder, Binance.US is experiencing further high-level executive exits, amidst escalating regulatory pressures.

According to sources familiar with the matter, Head of Legal Krishna Juvvadi and Chief Risk Officer Sidney Majalya are both stepping down from their roles at the company. Juvvadi joined in May of the previous year, while Majalya took up the position in December 2021.

A spokesperson for the company declined to provide any comments on the matter.

These recent departures closely follow the announcement of CEO Brian Shroder's resignation and the company's decision to reduce its workforce by a third.

Binance has encountered significant challenges this year, particularly in the U.S., where regulatory authorities have been tightening their grip on cryptocurrency exchanges. In June, the Securities and Exchange Commission filed a lawsuit against the company, alleging violations of securities laws. This legal action followed earlier accusations from another American regulatory body, the CFTC.

Earlier this month, Global Product Lead Mayur Kamat also left the company after nearly a year and a half. Additionally, Binance saw the departures of Chief Strategy Officer Patrick Hillmann, Senior Director of Investigations Matthew Price, and Senior Vice President for Compliance Steven Christie, among others, throughout the year.

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