Binance US finds itself in the midst of a regulatory storm, resulting in significant layoffs and the departure of top executives. The turmoil escalated when the CEO tendered his resignation on Wednesday, ushering in a challenging period for the cryptocurrency exchange. Subsequently, the Chief Risk Officer (CRO) and the Head of Legal also announced their resignations, compounding the mounting pressure on the platform.

Krishna Juvvadi, the Head of Legal, and Sidney Majalya, the Chief Risk Officer, are both leaving the company, as reported by sources with knowledge of the matter. The SEC’s lawsuit against Binance US and its CEO earlier this year triggered a notable exodus of staff and heightened regulatory scrutiny. The SEC has alleged that the exchange was involved in operating an illegal trading platform within the United States.

Juvvadi, in his role as the Head of Legal, played a pivotal role as one of Binance US’s primary contacts in communications with the SEC. He joined the company in May 2022. Conversely, Majalya assumed the role of CRO in December 2021.

Binance issued a statement regarding these recent departures, asserting, “The SEC’s aggressive attempts to hinder 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.”

As of the time of writing, neither Juvvadi nor Majalya has made any public statements regarding their resignations. This leaves the cryptocurrency community and stakeholders of Binance US contemplating the implications of these departures for the exchange’s future.

Disclaimer: This article is for informational purposes only and should not be considered as financial or investment advice. Cryptocurrency markets and regulations are subject to rapid changes, and readers are encouraged to conduct their research and seek guidance from financial experts before making any investment decisions.