Departures of Binance General Counsel Han Ng, Chief Strategy Officer Patrick Hillmann, and Senior Vice President for Compliance Steven Christie were allegedly prompted by concerns over the company’s management of DOJ investigations.
According to a tweet by Binance CEO Changpeng “CZ” Zhao, the recent departures of key executive personnel from Binance are being characterized as part of the company’s regular staff turnover.
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 🔶 BNB (@cz_binance) July 6, 2023
In a tweet, Binance CEO Changpeng “CZ” Zhao addressed the rumors surrounding the recent departures from the company, referring to them as “FUD” (fear, uncertainty, and doubt). He explained that staff turnover is a normal occurrence in any company, influenced by changing markets, the crypto industry, organizational evolution, and personal circumstances. CZ emphasized that the reasons speculated by the news are entirely incorrect.
Fortune previously stated that prominent individuals holding senior leadership roles at Binance, such as Chief Strategy Officer Patrick Hillmann and Senior Director of Investigations Matthew Price, departed due to concerns over CEO CZ’s response to an ongoing investigation conducted by the U.S. Department of Justice.
In his tweet, Hillman expressed that he was departing from the exchange on positive terms, mentioning that it was time for him to seek new challenges and opportunities.
According to Bloomberg, Binance’s Chief Business Officer, Yibo Ling, has departed from the company. Additionally, there are reports that U.S.-based employees are being requested to either relocate to overseas offices or face potential layoffs.
Binance’s exchange token, BNB, which has faced scrutiny over its classification as a security, has experienced a 2.4% decline in value during the day.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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