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Monday, October 2, 2023

Binance CZ dispels ‘FUD’ surrounding leadership departure



  • A number of executives, including CSO Patrick Hillmann, senior vice president of compliance Steven Christie and general counsel Han Ng, said they were leaving Binance.
  • Mainstream media reported that the executives made the decision because of CSC’s response to the U.S. lawsuit
  • Binance CEO Changpeng dismissed the reports, calling them “FUD” and saying the exits were just part of the flow.

Cryptocurrency exchange Binance CEO Changpeng Zhao has pushed back against reports that senior leadership exits suggest the company is about to collapse like former rival FTX. Zhao tweeted that news of these exits was “FUD.”

Thursday, wealth and Ethereum World News to report Binance executives informed CZ of their decision to leave the company. Zhao’s response to the U.S. Department of Justice lawsuit is seen as the main reason for the withdrawal of the company leaders.

Executives including Chief Strategy Officer Patrick Hillmann, Senior Vice President of Compliance Steven Christie and General Counsel Han Ng will leave Binance. While Hillman and his colleagues confirmed their personal exits, they noted that the reasons were unrelated to any alleged turmoil at the company or legal troubles with the Justice Department.

Binance spats with regulators, top execs jump ship

The exits come amid charges by the SEC and the Department of Justice against the largest centralized exchange in cryptocurrencies. Last month, the SEC sued CZ for operating an unregistered securities exchange within the United States.

Zhao was also charged with intentionally Mixing client and company funds Through several private entities such as Merit Peak.

The U.S. Department of Justice is about to file criminal charges following the SEC’s complaint, the report said.

The company also faces regulatory hurdles in Europe, notably Australia and France. French authorities have raided Binance’s Paris office on suspicion of “serious money laundering.” Australia’s securities regulator has withdrawn its derivatives license and launched a “targeted review” of the exchange’s client classification.


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