A recent internal presentation at Binance.US illustrates how the firm could move forward under certain circumstances.
In any case, the regulatory environment and Zhao's connection to Binance.US will serve as an impediment to the firm's growth, according to sources. During a company all-hands, staff were presented with three potential options for the business against the current backdrop and what would need to happen for those options to be viable.
The second option involved a medium reduction in the company's burn while investing in the platform. This would allow for investment into certain platform upgrades such as its sub-account functionality and AWS/infrastructure optimization. Yet this option required a willingness to invest in the company during the current bear market.The third option was to effectively hibernate until there is a material improvement in the firm's situation.
It appears that the firm choose to push forward with its third option. In addition to Shroder's exit, the firm laid off one third of its staff on Tuesday. The firm's chief legal officer Norman Reed has stepped in as interim head of the firm.
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