The Binance.US team has lost two more important names to deal with regulatory pressures. Now two top Binance executives, Krishna Juvvadi and Sidney Majalya, are leaving their company.
Binance continues to lose top executives
Krishna Juvvadi, chief legal officer at Binance.US, and Sidney Majalya, chief risk officer, decided to leave their jobs. Regulatory pressures factored into this decision, the Wall Street Journal reported. The duo’s departure comes shortly after president Brian Shroder left the business.
Shroder resigned after Binance decided to reduce its operations. Previously, as we reported as Kriptokoin.com, the Securities and Exchange Commission (SEC) filed a lawsuit against Binance in June. Shroder criticized the SEC’s aggressive initiatives and stated that this situation negatively affects the course and innovation in the USA.
Today we charged Binance Holdings Ltd. (Binance); U.S.-based affiliate, BAM Trading Services Inc., which, together with Binance, operates https://t.co/swcxioZKVP; and their founder, Changpeng Zhao, with a variety of securities law violations.https://t.co/H1wgGgR5ir pic.twitter.com/IWTb7Et86H
— U.S. Securities and Exchange Commission (@SECGov) June 5, 2023
Krishna Juvvadi joined the Binance.US team in May 2022. In his previous role, he was head of global compliance operations at Uber. Sidney Majalya joined Binance in December 2021 and held a compliance role at Intel. Binance.US officials did not comment on the separation of the duo. In summary, Binance is going through a difficult period after these developments.
SEC pressure continues to take effect
The SEC, on the other hand, made serious accusations against Binance and its CEO Changpeng Zhao (CZ) in June 2023. The SEC alleged that Binance was operating as an unregistered exchange and was violating US securities laws. SEC official Gurbir S. Grewal stated that Binance and Zhao consciously did not comply with the law and put their customers at risk.
It is a matter of curiosity how Binance company and its executives will defend against the SEC’s accusations. The steps Binance will take after the resignations are of great importance for the future of the company. The company is at the decision stage on how to manage this difficult process.
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