Report Suggests : Many Top Executives Leaving Binance

Many top executives at Binance are leaving the company as it faces a lawsuit from the SEC and a DOJ investigation into its CEO CZ.

Recently, Patrick Hillman, the former Chief Strategy Officer, has already confirmed that he is leaving.

According to a recent report from Fortune, Han Ng, the general counsel, and Steven Christie, the Senior Vice President for Compliance, have announced their departure from the company this week.

Several employees, including Binance’s Global Head of Intelligence and Investigations, Matthew Price, have resigned due to dissatisfaction with CEO CZ’s handling of the Department of Justice’s investigation into him and the exchange.

Last month, the SEC accused Binance of mishandling client assets across different platforms and companies controlled by Zhao, and also breaking sanctions laws.

Binance has faced accusations from regulators and the media for a long time. Patrick Hillman, a representative of Binance, criticized Reuters in May for alleging that Binance was combining customer funds with its own corporate money.

“It’s true that I am leaving Binance, but I’m doing so on good terms,” said Hillman over Twitter on Thursday. The executive explained that his wife was soon to have their second child, thus he thought it was the “right time to step aside.”

“I continue to respect and support and am grateful for having had the incredible opportunity to work under his leadership,” he added.

Hillman said there were no mass layoffs at Binance in June. The company was just reevaluating roles as part of a regular talent audit.

CZ’s Response — They Exaggerate Everything

CZ, the CEO of Binance, responded to rumors about executives leaving the company by using the number ‘4.’ This number is a term coined by CZ himself and is used in the crypto community to dismiss FUD (fear, uncertainty, and doubt) associated with his exchange.

“Yes, there is turnover (at every company). But the reasons dreamed up by the “news” are completely wrong,” he wrote to Twitter. “As markets and the global environment for crypto changes, as our organization evolves, and as personal situations change, there is turnover at every company.”

He added, “They exaggerate everything.”