Former Ripple General Counsel Takes Helm as Interim CEO of Binance.US
Former Ripple general counsel, Norman Reed, steps in as interim CEO of Binance.US amidst executive departures and layoffs. The move is viewed by some as a potential positive development for the exchange.
Posted 2 months ago in Exchanges
Norman Reed, the former general counsel of Ripple, is stepping in as the interim CEO of Binance.US amid a wave of executive departures and layoffs at the cryptocurrency exchange. As noted by attorney John Deaton, Reed was heavily involved in the 2015 settlement between Ripple and the U.S. Department of Justice, which classified Ripple-linked XRP as a 'convertible virtual currency.'
His move to Binance.US is seen by some experts as a potential positive development for the beleaguered exchange, even as others express caution. Deaton, a pro-XRP attorney, commented on Reed's appointment via X, formerly known as Twitter. According to Deaton, Reed's role in the 2015 settlement indicates that he brings a deep understanding of regulatory compliance to Binance.US.
Another attorney, Jeremy Hogan, stated that appointing your general counsel as your CEO does not seem like a growth play. Deaton also noted that the move could be seen more as a survival tactic for the exchange than as a growth strategy.
The appointment of Reed comes at a precarious time for Binance.US. Earlier this week, it was announced that CEO Brian Shroder had left the company, and a significant portion of the workforce had been laid off. The departures coincide with increasing regulatory scrutiny from U.S. agencies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Additionally, Binance.US has faced a probe from the U.S. Department of Justice (DOJ), although no charges have been filed as of yet.
Last updated 9/17/2023, 3:33:59 AM
Related Articles
KuCoin Reports Significant Outflow of Bitcoin, Ethereum, and USDT Assets
Posted 2 months ago in Exchanges
Crypto.com Expands Offerings with New Trading Pairs Including XRP, DOGE, and SOL
Posted 2 months ago in Exchanges
Coinbase International Exchange Granted Regulatory Approval for Perpetual Futures Trading
Posted 2 months ago in Exchanges
Kraken Plans to Launch Stock and ETF Trading, Enters Competitive Market
Posted 2 months ago in Exchanges
Related Questions
- will coinbase delist solana
- is xrp on coinbase
- what exchange has the most altcoins
- is ripple on crypto.com
- where can i buy xrp in the us
- where to buy ripple crypto coin
- is coinbase affected by ftx
- how to withdraw money from binance
- how to move crypto from coinbase to kraken
- how to transfer crypto from kraken to ledger
News Letter
Subscribe to the CryptoCat.ai newsletter to stay updated with the latest cryptocurrency news, insightful articles, market trends, and more – delivered directly to your inbox!
Is email too old school? Well you can get your news directly on twitter just by following us
Follow Us