Binance Founder and CEO Changpeng Zhao via X addressed some of the speculation regarding recent management changes at Binance’s United States branch.

His tweet on X follows news that Miami-based Binance US chief executive Brian Shroder will step down.

“Brian Shroder is taking a well-deserved break after achieving what he set out to do when he joined two years ago,” said Zhao at X, quoted from Bitcoin.com, Wednesday (20/9/2023).

Zhao said, under his leadership, Binance US raised capital, increased its product and service offerings, strengthened internal processes, and gained significant market share.

This all helps build a more resilient company for the benefit of customers,” CZ said in his post. While expressing gratitude for Shroder’s contribution, Zhao added the crypto market is now in a different place than it was two years ago, when he joined Binance’s US branch .

He pointed to the rapidly evolving and increasingly hostile regulatory environment, reiterated his call for his followers to ignore FUD (fear, uncertainty, and doubt), and insisted:

Binance reportedly laid off 1,000 employees globally earlier this year. A number of other executives have also left the world’s largest digital asset exchange.

Some of them hold high positions at Binance such as Chief Strategy Officer Patrick Hillmann, Senior Vice President for Compliance Steven Christie, Binance General Counsel Hon Ng, Leon Foong, head of Binance’s Asia-Pacific business, and Product Lead Mayur Kamat and his managers for Eastern Europe and Russia, Gleb Kostarev and Vladimir Smerkis.