Binance.US Shutdown Panic Burgeons as Legal Execs Jump Ship

Experts predict the closure of Binance.US amid rapid rate of executive departures.

Changpeng Zhaou thinking if his favorite word "FUD".
Created by Gabor Kovacs from DailyCoin
  • More key executives have left Binance.US following the resignation of CEO Brian Shroder.
  • Recent executive departures and layoffs have sparked predictions of the exchange’s closure.
  • The predictions come as the business struggles to compete with plummeting volumes.

Binance.US is reeling from legal and regulatory troubles in the U.S. Following lawsuits from the U.S. CFTC and SEC, the exchange has been forced to change its operations drastically

Earlier this week, these troubles saw the exchange engage in massive layoffs as its CEO, Brian Shroder, stepped down. With reports indicating that two more key executives have abandoned ship, experts are calling lights out.

Experts Predict Shutdown

On Thursday, September 14, the Wall Street Journal reported that Binance.US legal head Krishna Juvvadi and Chief Risk Officer Sidney Majalya were leaving the company, citing anonymous sources familiar with the matter.


The latest exits come less than two days after Shroder reportedly stepped down, and the firm confirmed cutting a third of its staff. The news has intensified speculations that the exchange could soon be forced to close its doors. 

Responding to the recent executive exodus at Binance.US, Bloomberg Intelligence analyst James Seyffart concluded that the exchange was likely already “dead.”

Seyffart was not the only seasoned market observer to come to this conclusion. Zero Knowledge Consulting founder Austin Campbell asserted that Binance.US’s alleged impending closure was reasonably apparent.

Accomplice’s Jonathan Geenty opined that the exchange was struggling to compete amid the strains to its business brought on by legal troubles.

Dwindling Volumes and Market Share

Not long after the SEC lawsuit in June 2023, Binance.US was forced to suspend fiat deposit and withdrawal services as banking partners pulled away. Following the switch to a crypto-only model, the exchange has witnessed a significant dive in volumes, which has led to a corresponding dive in market share.

The Block data reveals that Binance.US’ monthly trading volume in 2023 has plummeted from a March high of $17.63 billion to $290.42 million in August. In June 2023, Kaiko revealed that Binance.US’ share of the U.S. market had dropped below 1% from over 22% in April.

On the Flipside

  • Binance CEO Changpeng Zhao reportedly considered shutting down the exchange earlier in 2023.
  • Binance.US claimed that recent layoffs gave the exchange a seven-year runway.
  • The international Binance exchange is also experiencing an exodus of executives, with about ten top executives leaving in the past two months.

Why This Matters

Binance.US remains under significant strain following recent legal troubles. The departure of executives, layoffs, and dwindling volumes raise red flags about the future of the exchange.

Read this to learn more about the latest happenings in the SEC case against Binance.US:
Binance.US Condemns SEC’s “Overboard” Deposition Request

Polygon is moving full speed ahead toward the 2.0 vision. Find out more:
Polygon 2.0: Phase 0 Proposals Released for Community Review

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.