Binance US, a leading cryptocurrency exchange platform, has announced a significant reduction in its workforce. The company has cut one-third of its staff, and its President, Brian Shroder, will also leave the company. The Chief Legal Officer, Norman Reed, has taken over as the new CEO of Binance US. The move comes as the company continues to face regulatory challenges from the US Securities and Exchange Commission (SEC). A spokesperson from Binance US claims that the SEC’s actions have had a negative impact on the company’s business and resulted in the loss of American jobs and innovation. The decision reflects the challenges facing the cryptocurrency industry as regulators continue to scrutinize the sector.