Two more top executives are leaving Binance.US, one day after the departure of CEO Brian Shroder and the layoff of a third of its staff, The Wall Street Journal reported. Binance.US is the United States offshoot of the international cryptocurrency exchange. Head of legal Krishna Juvvadi and chief risk officer Sidney Majalya were said to be leaving.
Juvvadi was hired in May 2022, coming from Uber, where he was global head of compliance. Majalya joined the company in December 2021 after being Intel’s chief compliance officer. Before Intel, he, too, had worked for Uber.
Juvvadi, The WSJ noted, “was one of the company’s contacts for communicating with the SEC [United States Securities and Exchange Commission].” Binance.US is facing legal action from the SEC.
News:https://t.co/vjKMrUnANQ on-boards its first-ever Chief Risk Officer
Crypto exchange Binance US has hired its first-ever Chief risk officer Sidney Majalya from Intel Corp to stay in compliance…https://t.co/hwdvPyS1b8#binance #cryptonews #dailynews #cryptoexchange pic.twitter.com/z1YZluAvii
— CoinsCapture (@CoinsCapture) December 18, 2021
The agency requested to file sealed documents in the case in the U.S. District Court for the District of Columbia on Aug. 28, which a former SEC official interpreted as possibly indicating a criminal probe by the Department of Justice. Bloomberg reported in May that a Justice Department probe of Binance was underway.
The SEC sued Binance.US, Binance and CEO Changpeng Zhao in June, claiming they engaged in unregistered securities operations and other improprieties. That led to problems with Binance.US’ banking partners and pauses in U.S. dollar deposits and withdrawals that were only resolved in August, when the company partnered with crypto payments firm MoonPay.
Related: Binance’s Richard Teng denies FTX comparisons: ‘We welcome the scrutiny’
Binance.US has objected to SEC legal tactics, requesting a protective order against the agency in August and calling SEC requests in a compel and reply motion “unreasonable” and “unduly burdensome” on Sept. 12.
The Commodity Futures Trading Commission sued Binance in March, alleging it violated trading and derivatives rules. Binance has also seen the departures of executives this year, as well as layoffs.
Cointelegraph contacted Binance.US but did not receive a response in time for publication.
Magazine: Multichain saga screws users, Binance fires 1,000 staff: Asia Express
The US Securities and Exchange Commission (SEC) and crypto exchange Binance have asked a US federal judge for an additional two-month pause in their nearly two-year legal battle. “Since the Court stayed this case, the Parties have been in productive discussions, including discussions concerning how the efforts of the crypto task force may impact the SEC’s claims,” both parties said in an April 11 joint status report with the US District Court for the District of Columbia. According to the filing, the SEC requested and Binance agreed to another 60-day extension as the regulator continues to seek permission to “approve any resolution or changes to the scope of this litigation.” “The Defendants agreed that continuing the stay is appropriate and in the interest of judicial economy,” the filing said. The request comes not long after the SEC dropped a string of crypto-related lawsuits against crypto exchanges Coinbase, Kraken, and Gemini, as well as Robinhood and Consenys. At the end of the 60-day period, the SEC and Binance plan to submit another joint status report. This marks the second 60-day pause the SEC and Binance have requested this year, following a previous extension granted by the judge on Feb. 11. The recently launched crypto task force was a key reason behind the request for the second extension. Source: CourtListener The request in February came just days after crypto skeptic Gary Gensler stepped down as SEC chair on Jan. 20, with crypto-friendly SEC commissioner Mark Uyeda taking over as acting chair. At the time, the SEC and Binance also cited the establishment of the SEC’s Crypto Task Force as a reason for the pause. Related: Crypto Biz: Ripple’s ‘defining moment,’ Binance’s ongoing purge Formed just a day after Gensler resigned on Jan. 21, the task force said it aims to “help the Commission draw clear regulatory lines, provide realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously.” The SEC’s legal battle with Binance has dragged on for almost two years. It began in June 2023 when the agency filed a lawsuit against Binance, its US platform, and CEO Changpeng “CZ” Zhao. The US regulator pressed 13 charges against Binance, including unregistered offers and sales of the BNB and Binance USD tokens, the Simple Earn and BNB Vault products, and its staking program. Magazine: Memecoin degeneracy is funding groundbreaking anti-aging research
A fast-tracked temporary crypto regulatory framework could bolster innovation within the US crypto industry while permanent regulations are still in the works, says acting US Securities and Exchange Commission (SEC) chair Mark Uyeda. “A time-limited, conditional exemptive relief framework for registrants and non-registrants could allow for greater innovation with blockchain technology within the United States in the near term,” Uyeda said at the SEC’s April 11 Crypto Task Force roundtable titled “Between a Block and a Hard Place: Tailoring Regulation for Crypto Trading.” Uyeda said this might be the short-term answer as the SEC works toward a “long-term solution,” at the roundtable with SEC members and crypto industry executives, including Uniswap Labs’ Katherine Minarik, Cumberland DRW’s Chelsea Pizzola, and Coinbase’s Gregory Tusar. He flagged state-by-state regulation of crypto trading as a concern, warning it could lead to a “patchwork of state licensing regimes.” Uyeda said that a favorable federal regulatory framework would ease the burden for market participants wishing to offer tokenized securities and non-security crypto assets, allowing them to operate under a single SEC license instead of navigating “fifty different state licenses.” He urged crypto market participants to share feedback on areas where “exemptive relief” could be appropriate. Uyeda also reiterated the benefits of blockchain technology in financial markets during the roundtable discussion. “Blockchain technology offers the potential to execute and clear securities transactions in ways that may be more efficient and reliable than current processes,” Uyeda said. “Blockchains can be used to manage and mobilize collateral in tokenized form to increase capital efficiency and liquidity,” he added. Uyeda will continue serving as acting SEC chair until US President Donald Trump’s nominee, Paul Atkins, is officially sworn in. On April 10, the US Senate confirmed Atkins as chair of the SEC in a 52-44 vote largely along party lines. Related: SEC, Ripple file joint motion to pause appeals in XRP case Uyeda has served as acting SEC chair since Jan. 20, succeeding former chair and crypto skeptic Gary Gensler. He’s been widely seen within the industry as a pro-crypto advocate. On March 18, Cointelegraph reported that Uyea said the SEC could change or scrap a rule proposed under the Biden administration that would tighten crypto custody standards for investment advisers. “I have asked the SEC staff to work closely with the crypto task force to consider appropriate alternatives, including its withdrawal,” Uyeda said. Magazine: Memecoin degeneracy is funding groundbreaking anti-aging research
In a significant win for decentralized finance (DeFi) protocols, US President Donald Trump overturned the Internal Revenue Service’s DeFi broker rule, which would have expanded existing reporting requirements to include DeFi platforms. Increasing US crypto regulatory clarity will attract more tech giants to the space, requiring existing crypto projects to focus on more collaborative tokenomics to survive, according to Cardano founder Charles Hoskinson. Trump signed a joint congressional resolution overturning a Biden administration-era rule that would have required DeFi protocols to report transactions to the Internal Revenue Service. Set to take effect in 2027, the IRS DeFi broker rule would have expanded the tax authority’s existing reporting requirements to include DeFi platforms, requiring them to disclose gross proceeds from crypto sales, including information regarding taxpayers involved in the transactions. Trump formally killed the measure by signing off on the resolution on April 10, marking the first time a crypto bill has been signed into US law, Representative Mike Carey, who backed the bill, said in a statement. “The DeFi Broker Rule needlessly hindered American innovation, infringed on the privacy of everyday Americans, and was set to overwhelm the IRS with an overflow of new filings that it doesn’t have the infrastructure to handle during tax season,” he said. The next generation of cryptocurrency projects must embrace a more collaborative approach to compete with major centralized tech companies entering the Web3 space, according to Cardano founder Charles Hoskinson. Speaking at Paris Blockchain Week 2025, Hoskinson said one of the main criticisms of the crypto and DeFi space is its “circular economy,” which often means that the rally of a specific cryptocurrency is bolstered by funds exiting another token, limiting the growth of the whole industry. Hoskinsin said that to have a chance against the centralized technology giants joining the Web3 industry, cryptocurrency projects need more collaborative tokenomics and market structure. Hoskinson on stage at Paris Blockchain Week. Source: Cointelegraph “The problem right now, with the way we’ve done things in the cryptocurrency space, is the tokenomics and the market structure are intrinsically adversarial. It’s sum 0,” said Hoskinson. “Instead of picking a fight, what you have to do is you have to find tokenomics and market structure that allows you to be in a cooperative equilibrium.” He argued that the current environment often sees one crypto project’s growth come at the expense of another rather than contributing to the sector’s overall health. He added that this is not sustainable in the face of trillion-dollar firms like Apple, Google and Microsoft, which may soon join the Web3 race amid clearer US regulations. Bitcoin and other cryptocurrencies are often praised for offering around-the-clock trading access, but that constant availability may have contributed to a steep sell-off over the weekend following the latest US trade tariff announcement. Unlike stocks and traditional financial instruments, Bitcoin (BTC) and other cryptocurrencies enable payments and trading opportunities 24/7 thanks to the accessibility of blockchain technology. After a record-breaking $5 trillion was wiped from the S&P 500 over two days — the worst drop on record — Bitcoin remained above the $82,000 support level. But by Sunday, the asset had plummeted to under $75,000. Sunday’s correction may have occurred due to Bitcoin being the only large tradable asset over the weekend, according to Lucas Outumuro, head of research at crypto intelligence platform IntoTheBlock. “There was a bit of optimism last week that Bitcoin might be uncorrelating and fairing better than traditional stocks, but the [correction] did accelerate over the weekend,” Outumuro said during Cointelegraph’s Chainreaction live show on X, adding: “There’s very little people can sell on a Sunday because most markets are closed. That also enables the correlation because people are panicking and Bitcoin is the largest asset they can sell over the weekend.” Outumuro noted that Bitcoin’s weekend trading can also have upside effects, as prices often rally in calmer conditions. Bybit’s market share rebounded to pre-hack levels following a $1.4 billion exploit in February, as the crypto exchange implemented tighter security and improved liquidity options for retail traders. The crypto industry was rocked by the largest hack in its history on Feb. 21, when Bybit lost over $1.4 billion in liquid-staked Ether (stETH), Mantle Staked ETH (mETH) and other digital assets. Despite the scale of the exploit, Bybit has steadily regained market share, according to an April 9 report by crypto analytics firm Block Scholes. “Since this initial decline, Bybit has steadily regained market share as it works to repair sentiment and as volumes return to the exchange,” the report stated. Block Scholes said Bybit’s proportional share rose from a post-hack low of 4% to about 7%, reflecting a strong and stable recovery in spot market activity and trading volumes. Bybit’s spot volume market share as a proportion of the market share of the top 20 CEXs. Source: Block Scholes The hack occurred amid a “broader trend of macro de-risking that began prior to the event,” which signaled that Bybit’s initial decline in trading volume was not solely due to the exploit. Almost 400,000 creditors of the bankrupt cryptocurrency exchange FTX risk missing out on $2.5 billion in repayments after failing to begin the mandatory Know Your Customer (KYC) verification process. About 392,000 FTX creditors have failed to complete or at least take the first steps of the mandatory Know Your Customer verification, according to an April 2 court filing in the US Bankruptcy Court for the District of Delaware. FTX users originally had until March 3 to begin the verification process to collect their claims. “If a holder of a claim listed on Schedule 1 attached thereto did not commence the KYC submission process with respect to such claim on or prior to March 3, 2025, at 4:00 pm (ET) (the “KYC Commencing Deadline”), 2 such claim shall be disallowed and expunged in its entirety,” the filing states. FTX court filing. Source: Bloomberglaw.com The KYC deadline has since been extended to June 1, giving users another chance to verify their identity and claim eligibility. Those who fail to meet the new deadline may have their claims permanently disqualified. According to the court documents, claims under $50,000 may account for about $655 million in disallowed repayments, while claims over $50,000 could amount to $1.9 billion, bringing the total at-risk funds to more than $2.5 billion. According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the red. The EOS (EOS) token fell over 23%, marking the week’s biggest decline in the top 100, followed by the Near Protocol (NEAR) token, down over 19% on the weekly chart. Total value locked in DeFi. Source: DefiLlama Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.
‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series Story injured on diving stop, exits Red Sox game Game 1 of WS least-watched in recorded history MLB Rank 2023: Ranking baseball’s top 100 players Team Europe easily wins 4th straight Laver Cup Japan and South Korea have a lot at stake in a free and open South China Sea Game-changing Lectric XPedition launched as affordable electric cargo bike Bank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway
SEC requests Binance to agree to the extension
Relief measures may address immediate challenges
Uyeda to fill chair position until Atkins is sworn in
Trump kills DeFi broker rule in major crypto win: Finance Redefined, April 4–11
Trump signs resolution killing IRS DeFi broker rule
Crypto needs collaborative tokenomics against tech giants — Hoskinson
Bitcoin’s 24/7 liquidity: Double-edged sword during global market turmoil
Bybit recovers market share to 7% after $1.4 billion hack
Nearly 400,000 FTX users risk losing $2.5 billion in repayments
DeFi market overview
