Binance’s CZ Introduces New Leadership to Combat Regulatory Uncertainty
Binance Global CEO Chang Pang Zhao has recently talked about the ongoing challenges that the cryptocurrency sector is facing in USA. He said that the regulatory infrastructure in USA is becoming increasingly hostile towards the crypto market.
He posted his remarks on social media platform when addressing the issue of recent departure of top Biannce.US executives, recently.
Binance.US is currently facing a barrage of charges brought by Securities and Exchange Commission. On this account, several top executives of the firm namely CEO and others have departed from the forum.
Speaking on the matter, Binance.US CEO Brian Shroder has claimed that the firm is now looking for new leadership who is equipped with the right skillset to navigate the industry out of the slump. He said that Shorder was hired to raise capital, upgrade the services, and consolidate the internal processes of the firm.
He also claimed that the former CEO played an important role in increasing the market share of the company as well as setting up a resilient entity.
Binance’s Leadership to Face New Regulatory Challenges
While talking about the various contributions of the former CEO, CZ introduced the new executive to undertake the position. He nominated Norman Reed to perform the duties as the top executive and retained that he is going to be instrumental in his current role and navigate the company in dealing with the ongoing lawsuit.
CZ retained that Reed is going to utilize his experience when serving at SEC, and offering legal services for New York Federal Department, DTCC, and Ripple.
He retained that the diverse exposure of the new CEO is going to lead the company through the regulatory challenges and rapidly changing markets. Some of the other executives that have departed Binance.US include names like CEO and legal head.
However, Binance has claimed that these departures contributed financial headway to the company for continued operations. Meanwhile, SEC has accused Binance.US of not cooperating with regulatory process.
BAM holdings, the operator of Binance.US has submitted 220 documents for the discovery process that contain unclear screenshots, and undated plus unsigned papers.
Binance.US Legal Battle Takes a New Turn
Binance.US and SEC lawsuit is now under process with new developments and new statements rising from both parties. Regulators have raised objection in the court about Binance.US officials not cooperating with the regulators.
Meanwhile, Binance.US has brought up objection against the jurisdiction of SEC concerning the discovery process and the deposition requests filed against its employees.
The firm has also filed for a protective note against SEC to bar the regulators from communicating with its employees directly. At the same time, Binance.US has directed SEC officials towards an offshore custodial services provider named Ceffu.
On this account, regulators are unable to trace the asset management history of the crypto trading forum. To address the matter, SEC has initiated a court order for a 14-day extension of its ongoing discovery process.
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