Layoff Tsunami: Why Binance Fired CEO? Over 100 Workers at risk

Layoffs have been affecting employees across the world. Mass layoff has become common in tech firms, with over 65,000 workers laid off this summer. The layoff trend has now affected Brian Shroder, Binance US President and CEO.

What happened to Brian Shroder? Why did Binance remove Brian Shroder? How many workers are currently at risk? The US affiliate of crypto giant Binance can also fire employees. 

Binance fires US CEO

Binance fired its US Chief Executive Officer Brian Shroder this week, according to a company spokesperson. Brian Shroder became the President and CEO of Binance United States in 2021. He completed his education from Harvard Business School in Boston, Massachusetts. He served the company for just 2 years. 

Why did Binance fire Brian Shroder?

According to reports and knowledgeable sources, Binance US did not give a reason on why Brian Shroder left the company. 

Brian Shroder is set to be replaced by company’s general counsel Norman Reed, who joined the company in December 2021. Norman Reed would become the CEO of Binance US on an interim basis. 

Some sources revealed that Binance US fired Brian Shroder, while some sources said that Brian Shroder resigned from his positions. Was Brian Shroder forced to resign from his position? Binance US did not comment on Brian Shroder’s departure from the company. 

Binance layoff: More than 100 employees at risk

The US affiliate of crypto giant Binance said that the company would fire about one third of its workforce, or more than 100 jobs. Amid the regulatory crackdown, over 100 employees are at risk. Binance layoff can affect more than 100 workers.

Changpeng Zhao, the co-founder and CEO of Binance, the world’s largest cryptocurrency exchange, is making the decision to eliminate about one third of its workforce. 

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What Binance employees can expect?

In July, Binance announced its plans to eliminate 1,500 to 3,000 of its global workforce. A Binance spokesperson said that the layoff would impact 3,000 employees. More than 1,000 employees have already been laid off from the company. 

Binance also slashed its employee benefits in June. The company stopped offering mobile-phone reimbursement, fitness reimbursement and work-from-home expenses to employees. 

The company told employees, “We have to be more prudent with our spending.” A Binance spokesman said that the company would cut unnecessary expenses. 

Employees can expect more layoffs in the future. Binance has said it intends to fire more employees. 

Binance global head of product resigns

Last week, Binance’s global head of product, Mayur Kamat, resigned from his position. The company did not comment on his departure.

Previously, Chief Strategy Officer Patrick Hillmann and General Counsel Hon Ng left the company without citing any reasons.

Binance offers relief aid to Morocco Earthquake Victims

Meanwhile, Binance has announced $3 million in BNB for providing relief aid to Morocco earthquake victims. Binance Charity will allocate crypto funds in BNB to fund Moroccan earthquake relief.