Following the recent departure of Binance.US CEO Brian Shroder and the subsequent layoff of a third of its staff, two more top executives are reportedly leaving the company. Legal chief Krishna Juvvadi and chief risk officer Sidney Majalya are said to be among the departing executives . These changes come amidst ongoing legal challenges faced by Binance.US, the US branch of the global cryptocurrency exchange Binance.
Krishna Juvvadi, who had joined Binance.US in May 2022 from Uber as the global head of compliance, is noted as one of the key contacts for the company in its communications with the US Securities and Exchange Commission (SEC). The SEC has filed a lawsuit against Binance.US, Binance.com, and CEO Changpeng Zhao, alleging unregistered securities business and other misconduct. This legal action has led to issues with the platform's banking partners and resulted in the suspension of USD deposits and withdrawals. These issues were only resolved when Binance.US partnered with crypto payment firm MoonPay in August.
Sidney Majalya, who had joined Binance.US in December 2021 and previously served as Chief Compliance Officer at Intel, is also reported to be leaving the company. The departure of key compliance and risk management personnel may raise concerns about the company's ability to navigate its legal challenges effectively.
Binance has been facing increased scrutiny from US regulators, including not only the SEC but also the Commodity Futures Trading Commission (CFTC), which sued Binance in March, alleging violations of trading and derivatives rules. This latest round of executive departures adds to the ongoing turbulence at the cryptocurrency exchange, which has seen several high-profile exits and layoffs this year.
