Trading volumes on the largest cryptocurrency exchange, Binance, fell from 74% in December 2022 to 50% in October 2023.

Traders’ pullback from Binance was especially evident on October 23rd. While Bitcoin was rising, Binance’s market share fell to almost nothing, coinciding with Bitcoin’s rise to $34,000. In contrast, OKX’s market share has exceeded 50%, according to Kaiko. This is quite unusual.

Binance personnel changes

At least 16 top managers have already left Binance. According to The Block analysts, these personnel changes are just the beginning.

Here is the full list of Binance employees who left the company in 2023 despite management positions:

• Stephanie Cabossioras, the chief executive of Binance France, left her position in October.
• Jonathan Farnell, the head of the UK branch of Binance, held his position for 2.5 years and vacated it in September.
• Brian Schroeder, the CEO of Binance.US, left the company in mid-September after taking over two years earlier.
• Krishna Juvvadi, the head of legal at Binance.US, quit the same week as Schroeder. This comes amid lawsuits filed against Binance and its CEO Zhao by the Securities and Exchange Commission, accusing them of violating US securities laws.
• Sidney Majalya, the chief risk officer, executive vice president, and deputy general counsel of Binance.US, resigned along with Juvvadi in mid-September.
• Patrick Hillmann, the exchange’s chief strategy officer, also left in September, ending his 2.5-year partnership with Binance.
• Mayur Kamath became another top executive to leave his position in September – he has been heading the exchange’s global product department since April 2022.

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Author: Anna Kharton

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