Binance.US, the American arm of Binance, has experienced the departure of two more high-level executives, adding to a series of recent leadership changes. This comes shortly after the departure of CEO Brian Shroder and amid increasing regulatory scrutiny on the crypto exchange.
Departures Of Binance Top Executives
Krishna Juvvadi, Head of Legal, and Sidney Majalya, Chief Risk Officer, have both left the company, according to sources familiar with the matter. Juvvadi joined Binance.US in May of the previous year, while Majalya was appointed in December 2021.
A spokesperson for Binance.US declined to comment on the departures.
Recent Leadership Changes At Binance.US
These departures follow the exit of Brian Shroder, the former CEO of Binance.US, and a reduction in the company’s workforce by one-third.
Challenges and Regulatory Scrutiny
Binance has faced a challenging year as regulatory authorities have intensified their scrutiny of crypto exchanges, particularly in the United States. In June, the Securities and Exchange Commission (SEC) filed a lawsuit against the company, alleging violations of securities laws. This legal action followed accusations from another American regulator, the Commodity Futures Trading Commission (CFTC).
Previous Leadership Changes
Earlier in the year, Binance witnessed the departure of several key executives, including Global Product Lead Mayur Kamat. Other departures included Chief Strategy Officer Patrick Hillmann, Senior Director of Investigations Matthew Price, and Senior Vice President for Compliance Steven Christie, among others.
Binance’s leadership reshuffling reflects the evolving regulatory landscape in the crypto industry and the challenges faced by exchanges in navigating compliance and regulatory requirements.