Binance.US CEO Makes Shock Exit as Onlookers Fear the Worst

Brian Shroder’s exit from Binance.US has sparked predictions of the end.

Brian Shroder walking away from an open yellow door.
Created by Gabor Kovacs from DailyCoin
  • Binance.US CEO Brian Shroder has joined the Binance executive exodus.
  • The exit comes as the U.S. arm of the leading global exchange kicks off a fresh round of layoffs.
  • The latest shake-up has sparked predictions of the end.

Binance.US’ business has faced significant strain since the SEC sued the exchange and its international affiliate in June 2023. After being forced to drop about 50 staff members and switch to a crypto-only model, the cracks are again beginning to show. 

In the latest instance, Binance.US CEO Brian Shroder has stepped down as the exchange has also confirmed plans to cut a third of its workforce or about 100 jobs. This development has renewed concerns among observers, with some predicting that the end of Binance.US is near.

Binance.US Shake-Up Continues as Shroder Joins Broader Executive Exodus

On Wednesday, September 13, Bloomberg reported that a spokesperson for Binance.US had confirmed the exit of Shroder and plans to sack 100 staff members. The spokesperson did not address Shroder’s departure but blamed layoffs on the SEC’s crypto crackdown. Additionally, they asserted that the recent shake-up would allow the exchange to continue operations far into the future.


"The actions we are taking today provide Binance.US with more than seven years of financial runway and enable us to continue to serve our customers while we operate as a crypto-only exchange. The SEC's aggressive attempts to cripple our industry and the resulting impacts on our business have real world consequences for American jobs and innovation, and this is an unfortunate example of that," the statement read.

Shroder joins a growing list of executives to have left Binance over the past two months. The list includes Chief Strategy Officer Patrick Hillman, Head of Product Mayur Kamut, and eight others. Despite repeated assurances from Binance’s international head, Changpeng “CZ” Zhao, concerns continue to grow.

The End for Binance.US?

While Binance.US claims that recent job cuts would allow the exchange to operate for another seven years at least, many, like famous short seller Marc Cohodes, who heralded the fall of several crypto banks and FTX, are unconvinced. Responding to the news of Binance.US’ latest shake-up, Cohodes suggested it was all but over for the exchange.


“Looks like the party is about over,” he tweeted.

However, Cohodes was not alone in this sentiment as prominent crypto skeptic “Not Tiger Global” downgraded Binance.US’ seven-year lifeline prediction to seven weeks.

The exchange has witnessed a slump in its market share and trading volume, likely triggered by the drastic operational changes brought on by the fallout of the SEC lawsuit. In July, Reuters reported that Binance.US’ U.S. market share had dropped from 22% in April to less than 1%. Similarly, CoinCodex places the exchange’s global market share at 0.01% at the time of writing. 

The Block data reveals that Binance.US’ monthly volume has plummeted from a yearly peak of $17.63 billion in March 2023 to $290.42 million in August 2023. The metric is currently at $82.56 million in September 2023.

On the Flipside

Why This Matters

Binance.US’ business has come under significant strain since the SEC lawsuit in June 2023. Shroder’s exit and recent layoffs raise further concerns about the company. 

Stay updated with the latest developments in the SEC case against Binance:
Binance.US Condemns SEC’s “Overboard” Deposition Request

Learn more about Bitget’s EmpowerX Fund:
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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Okoya David

David Okoya is a crypto news reporter at DailyCoin based in Nigeria. He covers various topics related to the cryptocurrency industry, including exchanges, regulations, and price movements, and strives to bring fresh angles to breaking news. With experience as a freelance crypto news writer, David upholds the highest journalistic standards, telling complete stories and answering lingering questions whenever possible.