Top Legal Counsel for Binance.US Steps Down After Just 7 Months

Christopher Robbins ended his short stint as General Counsel for Binance.US after 7 months, not long after the firm shuffled other top positions.

Another Early Departure

Binance.US is faced with yet another departure from a top-level hire after the man that played an instrumental role in assembling Binance.US‘ legal team steps down as its General Counsel. Christopher Robbins, the man that once helmed the position as Binance.US top legal counsel, now assumes a part-time role and was replaced by Norman Reed. 

This is Binance.US second top-level departure following its Chief Executive Officer (CEO) Brian Brooks leaving after merely serving for four months. Binance.US is an affiliate to Binance but operates independently and is licensed in the US jurisdiction. 

“Chris has been one of the driving forces in assembling our leading legal team, and we are grateful for his past and continuing efforts on behalf of Binance.US and our customers,” a Binance.US spokesperson had stated in communication with CoinDesk.

Source: Norman Reed now assumes the role Binance.US’ General Counsel and has the right credentials for the job

The replacement, Norman Reed was formerly the top lawyer at Ripple Labs and payment services firm Nanopay. He has also served in the US Securities and Exchange Commission’s (SEC) Division of Market Regulation and the Federal Reserve (FED)

Regulatory Headwind

Binance.US and other market operators within the crypto ecosystem are facing mounting challenges from regulators. The main challenge stems from the lack of clarity in the compliance framework. Hence, the designation as a legal counsel for these market players comes with a heavy set of responsibilities as regulators continue to crack the whip. 

Recently, a popular decentralized exchange, Uniswap was rumored to be under investigation by the SEC in early September. Coinbase was threatened with a lawsuit for offering a product that the SEC classified as security without approval. 

The need for regulatory clarity is now louder than before. Unfortunately, the constant threats of enforcement action against legitimate crypto market operators become an impediment to growth. 

Binance.Us is Paving Way for its IPO

Changpeng Zhao, the CEO of Binance announced in July in an event titled ‘Redefine Tomorrow 2021’ that Binance.US is looking at the Initial Public Offering (IPO) route. This route would demand a regulated and compliant corporate structure. However, Binance continues to be faced with increasing scrutiny on its operations and product offering. 

The latest glitch that saw a flash crash on the Binance.US platform and the recent profile resignations are incidents that can negatively affect the path forward. Norman Reed will have a daunting task ahead in his new role with Binance.US.

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