Three senior executives from Binance, the world’s largest cryptocurrency exchange, have recently decided to leave their positions. Excahnge CEO Changpeng Zhao responded to the rumors by saying the departures were part of normal staff turnover and new people had been recruited to replace them.
Binance wipes out 3 senior executive departures
Our colleagues from Fortune have revealed that 3 senior executives of Binance, the world’s largest cryptocurrency exchange, have decided to leave their positions.
In the same week, Hon Ng (General Counsel of Binance), Patrick Hillmann (Head of Strategy), and Steven Christie (Head of Compliance) effectively announced their intention to leave Binance, shortly after Matthew Price, a former Internal Revenue Service (IRS) agent hired from the exchange, has packed his bags. The latter was initially hired to oversee investigations and intelligence surrounding Binance.
Following the publication of Fortune’s article, Changpeng Zhao said that a new legal director had been in place at Binance for a month already and that Noah Perlman, the exchange’s chief compliance officer, was still in place. Furthermore, the CEO of Binance said that Patrick Hillmann had decided to leave for personal reasons and not because of the regulatory constraints that Binance faces, what the interested party confirmed on Twitter.
Initially, Fortune had got wind of the information – a priori until then not revealed publicly – by people close to Binance, who then allegedly claimed that the 3 departures we are talking about had been motivated by the investigation of the Department of Justice. (DOJ) of the United States weighing on the exchange.
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Just a turnover?
As usual, Changpeng Zhao, CEO of Binance, reacted to the news that quickly spread on social media with his now inescapable “4”, ensuring that it was still only FUD, and that new people were already in place in the positions concerned :
4. More FUD about some departures. Yes, there is turnover (at every company). But the reasons dreamed up by the “news” are completely wrong.
As an organization that has grown from 30 to 8000 people in 6 years, from 0 to the world’s largest crypto exchange in less than 5 months…
— CZ 🔶 Binance (@cz_binance) July 6, 2023
“Yes, there are departures (in all companies). But the reasons given by the “news” are completely erroneous. […] As markets and the overall crypto environment change, as our organization evolves, and as personal situations change, there is turnover in every business. We thank all former members of our team for their contribution to our growth and we wish them the best. We also congratulate the members of our team who have evolved into these new roles. They are all very high level. »
According to information from Bloomberg, part of Binance.US employees reportedly asked to relocate following regulatory issues surrounding the exchange in mid-June. Those who refused would have been fired.
In the past 6 months alone, Binance has been placed under investigation in the United States, Canada, France, Australia, and Belgium. Despite all this, Binance has a positive inflow of $2 billion to its platform in the last 24 hours.
👉 On the same subject – Crypto exchanges: Binance.US market share drops below 1% in the face of difficulties
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Sources: Fortune, DefiLlama
Image source: WebSummit via Flickr, CC by 2-0
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