Crypto hiring: Woes for Binance, Binance.US continue

Binance.US CEO Brian Shroder is on the outs, with general counsel Norman Reed stepping up to replace him

article-image

ymcgraphic/Shutterstock modified by Blockworks

share

For three straight weeks, a narrative has been forming around Binance and Binance.US. 

Binance is alleged to be hemorrhaging high level employees left and right, which has led many to speculate about what could be in store for the world’s largest crypto exchange.

Brian Shroder, who has been the CEO of Binance.US since 2021, left this week along with a third of the company’s employees who were laid off simultaneously.

Shroder made it a little over three months after the US Securities and Exchange Commission charged Binance, BAM Trading and Binance.US, accusing the trio of firms of mishandling customer funds and failing to register as securities dealers. 

Shroder himself hasn’t commented on why he left Binance.US, but Binance CEO Changpeng Zhao addressed the issue on X, formerly Twitter, claiming that the former chief executive is simply “taking a deserved break.”

“The crypto market is in a different place now than it was two years ago, with a rapidly evolving and increasingly hostile regulatory environment. Norman Reed – former SEC, New York Fed, Ripple, and DTCC executive – is the right person to lead @BinanceUS in this market,” Zhao wrote Friday.

Loading Tweet..

Zhao, however, made no mention of the reported exits of Krishna Juvvadi, the head of legal at Binance.US, and Sidney Majalya, the chief risk officer.

The apparent departure of Juvvadi and Majalya was reported by the Wall Street Journal just days after Shroder’s fate was disclosed. 

Last week, three executives left Binance. And the week before, it lost its APAC-chief.

Binance.US alum finds gig

As Binance.US deals with three high-profile executives leaving the company, a former employee found new work at international law firm O’Melveny.

Brian Brooks, who had a short stint as CEO of Binance.US in 2021, rejoined O’Melveny after he served as a managing partner of the firm from 1994 to 2011, according to his LinkedIn profile.

The University of Chicago-educated lawyer stepped down from his leadership role at Binance.US after just three months, citing strategic differences with his colleagues. 

Brooks has had a storied career in law, finance and government. 

He was the chief legal officer at Coinbase before Paul Grewal took over the role in Sept. 2020. 

During the Trump Administration, Brooks was the acting Comptroller of the Currency as well as a board member on the Federal Deposit Insurance Corporation and Fannie Mae. Previously, under President Barack Obama, Brooks was an executive vice president at Fannie Mae as well. 

Other notable hires

  • The successor to bankrupt crypto lender Celsius, NewCo, has appointed Former Algorand CEO Steve Kokinos as CEO. 
  • Yuga Labs, the firm behind the Bored Ape Yacht Club, hired Lorenzo Colaiori as animation director.
  • Binance promoted Rachel Conlan to Chief Marketing Officer. Conlan, who was previously at OKX, was originally hired as the vice president of global marketing in June 2023.
  • Blockchain.com made two key hires in its institutional sales and derivatives departments respectively. 

Updated Sept. 18, 2023 at 1:58 pm ET: Previous version of the story identified O’Melveny as a “Manhattan law firm.” O’Melveny is not based in Manhattan but has an office there.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2023

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Cover Vertex.jpg

Research

The proliferation of new perp DEXs has led to fragmented liquidity across various DEXs and chains. Vertex, known for its vertically-integrated DEX that includes spot, perpetual, and integrated money markets, is now tackling cross-chain liquidity fragmentation through horizontal integration with the launch of new Edge instances. Vertex's integrated offerings and cross-margined account structure amplify the benefits of new instances: native cross-chain spot trading, optimized cross-chain basis trading, consistent interest rates, reduced bridging friction, and more.

article-image

Plus, a dive into crypto’s ever-expanding unicorn club

article-image

Also, tokenization continues to grab headlines and one bitcoin miner stock soars Tuesday after inking a big deal

article-image

Fifteen million daily failed transactions disappeared from Solana

article-image

FTX debtors will pay the IRS $200M, with an outstanding lower priority claim of $685M

article-image

I’ve come to the realization that more attention is needed to create and sculpt the digital spaces where we live

article-image

The NYSE went down yesterday after a glitch caused a string of erroneous trades. Does DeFi fix this?