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Following current reports on the exit of Binance US chief government officer Brian Shroder on September 13, 2023, the entity’s chief authorized officer Norman Reed was stated to have taken over the position within the interim. However, current studies reveal that the corporate has proposed to call Reed because the everlasting alternative for the CEO place. Also, Norman Reed is claimed to have had an extended historical past with Ripple $XRP that dates again to 2015.

Also Read: “Expect Some Fireworks” at Next Binance Vs SEC Hearing: Ex-SEC Official

Norman Reed And Links To Ripple $XRP

Reed, how has been an official with the US SEC in addition to the Federal Reserve Bank of New York, had additionally labored in a key authorized capability for Ripple. According to lawyer John Deaton, who represents XRP token holders within the SEC lawsuit, revealed that Reed had labored because the General Counsel of Ripple.

Norman Reed was once the General Counsel of Ripple. His signature is on the 2015 FinCEN DOJ settlement with Ripple, which labeled XRP as a “convertible virtual currency.”

Today’s General Counsel, a content material platform for authorized practitioners, confirms Reed’s appointment with Ripple on February 25, 2015.

US SEC Lawsuit To Intensify?

The exit of round 100 workers from Binance US comes at a time when the US Securities and Exchange Commission (SEC) seems to have intensified its efforts within the lawsuit. In a lawsuit filed in early June 2023, Binance, the corporate’s cofounder Changpeng Zhao, and Binance.US have been accused of mishandling buyer funds, deceptive buyers and regulators, and violations of securities rules.

Earlier within the week, CoinGape reported that the US SEC filed a memorandum within the Court in assist of its movement to compel the trade to submit paperwork associated to the US buyer belongings.

Also Read: Elon Musk Increases Twitter ‘X’ Data Sharing on Hate Speech: WSJ

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Anvesh studies main crypto updates round U.S. regulation and market shifting traits. Published over 1,200 articles to date on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or twitter.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

The introduced content material could embrace the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty in your private monetary loss.