Binance.US lost its chief risk officer and head of legal on Thursday, just two days after CEO Brian Shroder departed, according to a report in the Wall Street Journal, citing people familiar with the matter.
On Tuesday, Binance.US told CoinDesk that it was cutting one-third of its workforce and that CEO Shroder was leaving the company.
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“The actions we are taking today provide Binance.US with more than seven years of financial runway and enable us to continue to serve our customers while we operate as a crypto-only exchange,” CoinDesk cited Binance.US as saying in a statement on Tuesday.
The exchange clocked its lowest monthly trading volumes on record in August, coming in at just $290 million, as market makers exited the venue amid regulatory concerns. This was the lowest monthly volume since February 2020, when it registered $380 million. In March of this year it had $17 billion in volume, a fraction of that at its peak in May 2021, when it recorded over $52 billion.
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Binance has been facing a gauntlet of enforcement actions worldwide, including a suit from the US’s SEC in June for violating securities law, and an investigation by the US Department of Justice.
A slew of executives have left Binance in recent months, including Global Product Lead Mayur Kamatm, Chief Strategy Officer Patrick Hillmann, Senior Director of Investigations Matthew Price and senior vice president for compliance Steven Christie.
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Binance did not immediately return a request for comment.
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Nelson Wang is DL News’ editor based in New York. Reach out to him at nelson@dlnews.com. Adam Morgan McCarthy is markets correspondent in London. Reach him at adam@dlnews.com