Brian Shroder, the Chief Executive Officer of Binance.US, has reportedly left the cryptocurrency exchange. A company spokesperson has stated that Chief Legal Officer Norman Reed will serve as his temporary replacement.

The CEO’s departure happens amid the elimination of roughly 100 positions, which amounts to one-third of the workforce. The downsizing is reportedly in response to increased regulatory scrutiny from the United States Securities and Exchange Commission (SEC).

Binance.US CEO’s Departure Sparks Crypto Community Speculation

The recent news has triggered speculation within the crypto community. Some are questioning the timing, while others propose that it could signal a gradual wind-down of Binance.US operations.

Will Clemente stated in a post on X (formerly Twitter) that it is “pretty obvious” the US arm has been winding down operations:

“They do like $15 million of daily volume, not worth the regulatory and legal risk for CZ/Binance who’s already under pressure.”

Skew, a well-known trading analyst, shared comparable views with Clemente. He hinted to his audience of 87,000 followers that the SEC’s legal action against Binance might be drawing to a close.

“Seems like this whole thing is going to be wrapping up in next few months or less,” Skew declared as he speculated over what the outcome will be for Binance. “Federal charges or big fat fines,” he added.