Newly appointed Binance US Chief Executive Officer (CEO) Norman Reed is rumored to have a connection with Ripple Labs.
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This relationship is said to have a long history, dating as far back as 2015. Noteworthy, Reed had previously worked with the United States Securities and Exchange Commission (SEC) as well as the Federal Reserve Bank of New York.
Reed Was Ripple’s General Counsel
At another time, he held a key position in Ripple’s legal team. A content platform for legal practitioners known as Today’s General Counsel noted that Reed was appointed by Ripple on February 25, 2015. John E. Deaton, CryptoLaw founder and pro-XRP lawyer who is representing XRP token holders in the lawsuit between Ripple and SEC, confirmed that Reed was the General Counsel of the fintech firm.
“Norman Reed used to be the General Counsel of Ripple. His signature is on the 2015 FinCEN DOJ settlement with Ripple, which classified XRP as a “convertible virtual currency.” Deaton posted on the X app.
Binance US CEO Departs From Exchange
Binance US downsized almost a third of its workforce a few days back and it was discovered that Brian Shroder, its CEO left the exchange almost at the same time. Its decision to decrease its headcount was attributed to Binance’s plan to provide the platform “more than seven years of financial runway” as it transitioned to being a cryptocurrency-only exchange.
It was immediately announced that Reed, who is the current Chief Legal Officer, would take over from him.
He was singled out as the best man for the job, especially owing to his history and experience with the SEC and the exchange’s recent troubles with the regulator. Binance is currently faced with regulatory challenges from several agencies in the U.S. In June, the SEC charged Binance for violating securities laws.
Zhao Allays Users Fears About Management Exodus
It was worth noting that Shroder’s exit from Binance US has raised some concerns amongst netizens. Some have become jittery about Binance operations, fear, uncertainty and doubt (FUD) has gradually crept in. However, Binance general CEO Changpeng ‘CZ’ Zhao has asked users to ignore the FUD.
He claimed that Shroder was departing the company without having any issues after completing what he “set out to do when he joined two years ago.”
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