Following recent reports on the exit of Binance US chief executive officer Brian Shroder on September 13, 2023, the entity’s chief legal officer Norman Reed was said to have taken over the role in the interim. However, recent reports reveal that the company has proposed to name Reed as the permanent replacement for the CEO position. Also, Norman Reed is said to have had a long history with Ripple $XRP that dates back to 2015.
Norman Reed And Links To Ripple $XRP
Reed, how has been an official with the US SEC as well as the Federal Reserve Bank of New York, had also worked in a key legal capacity for Ripple. According to attorney John Deaton, who represents XRP token holders in the SEC lawsuit, revealed that Reed had worked as the General Counsel of Ripple.
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.”
Today’s General Counsel, a content platform for legal practitioners, confirms Reed’s appointment with Ripple on February 25, 2015.
US SEC Lawsuit To Intensify?
The exit of around 100 employees from Binance US comes at a time when the US Securities and Exchange Commission (SEC) appears to have intensified its efforts in the lawsuit. In a lawsuit filed in early June 2023, Binance, the company’s cofounder Changpeng Zhao, and Binance.US have been accused of mishandling customer funds, misleading investors and regulators, and violations of securities regulations.
Earlier in the week, CoinGape reported that the US SEC filed a memorandum in the Court in support of its motion to compel the exchange to submit documents related to the US customer assets.
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