Binance.US, the American arm of the global cryptocurrency exchange, is facing significant upheaval with more than 100 jobs going alongside the departure of CEO Brian Shroder.
He has been temporarily replaced by chief legal officer Norman Reed.
The Miami-based firm is axing around a third of its workforce amid ongoing legal and regulatory challenges.
Earlier this year, the US Securities and Exchange Commission (SEC) accused Binance Holdings and its CEO, Changpeng "CZ" Zhao, of mishandling customer funds and violating securities rules.
The US Commodity Futures Trading Commission has also charged the company with "wilful evasion of federal law".
The legal scrutiny has led to operational setbacks, including the severing of ties with multiple banking partners.