Several senior Binance executives have left the company following regulatory developments. luck Reported July 6th.
General Counsel Han Ng, Chief Strategy Officer Patrick Hillman and Senior Vice President of Compliance Stephen Christie were among those who decided to leave. luck Matthew Price, the head of global research and intelligence, also recently retired, he said.
Fortune said there are no signs that Binance CEO Zhao Changpeng intends to step down as CEO of the company in the near future.
Fortune sources said executives left the company primarily because of Zhao’s handling of the US Department of Justice (DOJ) investigation. The investigation, which has reportedly been ongoing for more than a year, alleges that Binance attempted to mislead U.S. regulators, laundered money, and condoned sanctions violations.
Another Reuters report in December 2022 suggested that Binance was under investigation by the Justice Department. The company appears to have rejected the offer. In a statement, representatives said they had no insight into the “internal affairs” of the Justice Department, and argued that it was inappropriate to comment on the matter anyway.
Departures coincide with regulatory challenges
Employee exits are important to corporate legal and compliance departments and often involve executives who are the first points of contact with regulators.
Some of the staff, who were expected to retire, were involved with the general public at large. Hillman specifically commented on controversies related to the Binance stablecoin move, rumors of insider trading and corporate layoffs in recent months. Many of his comments were on controversial topics raised by the mainstream media.
If not, Binance and its affiliates have recently faced charges from the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC). These incidents began in March and June respectively.
It remains to be seen how these developments will affect the company’s future, its reputation, and the broader cryptocurrency market.
crypto slate We attempted to contact Binance to confirm the staff’s departure, but had not received a comment by the time of writing.
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