Photo credit: Shutterstock
Norman Reed, who formerly served at the US Securities and Exchange Commission, is set to lead the operations of Binance US – the crypto exchange’s US affiliate – on an interim basis.
In a tweet, Binance founder and CEO Changpeng Zhao said he believes Reed is the “right person to lead Binance US” in the current crypto market, which has had a “rapidly evolving and increasingly hostile regulatory environment.”
The appointment follows the exit of Binance US CEO Brian Shroder, who stepped down amid a layoff affecting 33% of the company’s workforce.
Tech in Asia has reached out to Binance to learn more.
Apart from the SEC, Reed previously worked at the Federal Reserve Bank of New York and blockchain firm Ripple – the issuer of the XRP token. Reed joined Binance US as general counsel in December 2021.
“Under his leadership, Binance US raised capital, improved its product and service offerings, solidified internal processes, and gained significant market share, all of which helped to build a more resilient company for the benefit of customers,” Zhao added.
Binance has been facing regulatory scrutiny and legal challenges from various authorities in the US and other countries.
Both Binance and its US entity have been accused of violating securities laws and mishandling customer funds by agencies such as the SEC and the Commodity Futures Trading Commission.
See also: US civil suit against Binance.com: What’s the real motivation?
Editing by Dhania Putri Sarahtika
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
