CZ responds to the wave of executive departures: Binance US CEO's resignation will receive "well-deserved rest"

Binance US recently saw a wave of executive departures, including the CEO, Chief Legal Officer, and Chief Risk Officer reportedly leaving their positions. Binance CEO Changpeng Zhao (CZ) responded to this by stating that due to deteriorating regulatory developments, Norman Reed, who has taken over the position, is more qualified for the role. He also mentioned that Brian Shroder, who has stepped down, is enjoying a well-deserved break.

CZ: Brian Shroder has completed his goals and is enjoying a well-deserved rest

In a tweet on Friday, CZ mentioned the departure of Brian Shroder, the CEO of Binance US, expressing his stance and refuting public rumors.

There has been some speculation regarding recent management changes at @BinanceUS. Brian Shroder is taking a deserved break after accomplishing what he set out to do when he joined two years ago. Under his leadership, https://t.co/hSHrrlF7o7 raised capital, improved its product…

— CZ 🔶 Binance (@cz_binance) September 15, 2023

Brian Shroder is currently enjoying a well-deserved rest after achieving the goals set when he joined Binance US two years ago.

Additionally, "Under his leadership, Binance US raised funds, improved products and services, solidified internal operational processes, and secured a significant market share. All of these actions have helped to build a more resilient company for users, and we are grateful for his contributions."

CZ also stated that the crypto market has been rapidly changing over the past two years, and with the regulatory environment increasingly deteriorating, Norman Reed, a former senior executive at the SEC, New York Federal Reserve, Ripple, and the Depository Trust & Clearing Corporation (DTCC), will be the appropriate candidate to lead Binance next.

Executive Departure Wave: Binance's Zhao Changpeng Responds to Recent FUD: "User Funds Are Safe" Cannot Be Tarnished

SEC: Partially Unsealing Lawsuit Documents

Following the lawsuit filed by the U.S. Securities and Exchange Commission (SEC), Binance US has seen a significant decrease in market share and trading volume due to a substantial reduction in the company's workforce.

Prior to this, the SEC's rare request to seal the lawsuit on August 28 deepened market and user concerns and fears.

However, the SEC has recently reversed this decision, as reported by Cointelegraph, revealing that the SEC will unseal previously sealed or redacted documents in the near future.

This means that some of the documents that were blocked or restricted from view in the Binance case by the SEC will be disclosed to the public in the coming days, possibly within a week.

It is reported that Judge Zia Faruqui of the District Court for the District of Columbia issued an order yesterday, approving the SEC's request to unseal or unredact documents, listing 18 secret documents and an additional 9 documents that were partially sealed or redacted.

However, not all documents in the case will be released, as there are still 8 attachments related to the SEC's opposition that remain sealed.

The order also mentions that both Binance and any non-parties related to SEC enforcement motions will have 7 days to raise objections, and the SEC will have 7 days to respond to these challenges and questions.