Norman Reed, the new CEO of Binance US, has very deep ties with an altcoin. Its relationship with the top 10 altcoin dates back to 2015. This shows that he has a significant background in this arena.
New Binance CEO Norman Reed has a long history with this altcoin
On September 13, 2023, following Brian Shroder’s departure from the CEO position, Norman Reed, the company’s general counsel, began serving on an interim basis. According to the latest information, the company sees Reed as a permanent candidate for the CEO position. Reed has had a significant connection with Ripple XRP since 2015. This situation gives clues about how well he will master this role.
In his career, Reed has had the opportunity to work with important institutions such as the SEC and the Federal Reserve Bank of New York. John Deaton, the lawyer representing XRP investors in the SEC case, stated that Reed previously served as General Manager at Ripple. Reed’s experience in the altcoin industry provides a great advantage for Binance.
Norman Reed used to be the General Counsel of @Ripple. His signature is on the 2015 FinCEN DOJ settlement with Ripple, which classified #XRP a “convertible virtual currency.”
Btw, @katie_haun signed the settlement agreement on behalf of the DOJ. As part of the settlement,… https://t.co/F2QLjy4ksZ
— John E Deaton (@JohnEDeaton1) September 16, 2023
Norman Reed and XRP relationship
Reed’s relationship with XRP dates back to 2015, when he signed a deal with Ripple. Reed’s signature is included in a 2015 FinCEN DOJ settlement that calls XRP a “convertible virtual-currency.” This altcoin experience provides important information about how Reed will follow in his new role. Lawyer John Deaton describes Reed’s career before becoming CEO of Binance as follows:
Norman Reed is known as the former general counsel of Ripple. His signature is found in the agreement between FinCEN DOJ and Ripple in 2015, which classifies XRP as a “convertible virtual currency”.
Katie Haun also signed the same agreement on behalf of the Department of Justice. As part of the agreement, Norman Reed agreed to hire a DOJ-certified independent auditor on behalf of Ripple. This auditor would provide FinCEN with an audit of all XRP sales for five years. Of course, per the information sharing agreement between FinCEN and the SEC, the SEC had full access to all of the auditor’s XRP sales reports.
Binance continues its fight against the SEC
During this time, the challenges facing Binance cannot be ignored. The company faces accusations of mismanaging customer funds and misleading investors and regulators. Under increasing pressure from the SEC, Reed’s experience in the altcoin world could guide the company through these difficult times. It gained value by 78.81 percent. This indicates significant interest, especially among investors. Indeed, as Kriptokoin.com reported, the legal fight started last June.
Our response to the SEC's complaint.https://t.co/mgXxGTKr67
— Binance (@binance) June 5, 2023
In conclusion, the appointment of Norman Reed as CEO provides new opportunities for Binance in the altcoin market. Reed’s history with XRP plays an important role in shaping the company’s altcoin strategies in particular. It will be exciting to see how Binance’s approach to the altcoin market evolves under Reed’s leadership.
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