Odaily Planet Daily reported that Norman Reed, the former general counsel of Ripple, will serve as the interim CEO of Binance.US. Some experts believe that Reed’s joining is a potential positive development for the troubled Binance.US, but others are skeptical. This indicates caution.
Deaton commented on Reed’s appointment on the X platform. It stated that Reed’s role in the 2015 settlement agreement demonstrated that he brought a deep understanding of regulatory compliance to Binance.US. “I have always believed that Ripple is the crypto company that has the most dealings with the U.S. SEC and the U.S. government,” Deaton said, suggesting that Reed’s expertise could benefit Binance.US. The company is currently dealing with multiple lawsuits and regulatory woes, and Deaton believes Reed's addition could be a "positive sign." It is reported that Reed actively participated in the 2015 settlement between Ripple and the U.S. Department of Justice, which classified XRP as a “convertible virtual currency.”
Another lawyer, Jeremy Hogan, said appointing a general counsel as CEO didn't seem like a growth strategy. Deaton also noted that the move may be viewed more as a survival strategy than a growth strategy for Binance.US. (U.Today)
According to previous news, a spokesperson for Binance.US stated that CEO Brian Shroder has resigned and will be temporarily replaced by Chief Legal Officer Norman Reed.
In addition, due to a decline in business due to regulatory crackdowns, Binance.US internally announced the layoff of one-third of its employees (more than 100 people).