Binance Responds To Company Executive Departure

The departure of Binance executives raises a negative narrative. (Photo; Doc. Bitcoin Insider)

JAKARTA - The departure of several major executives from Binance, one of the largest cryptocurrency exchanges in the world, has caused reactions among netizens. However, Binance CEO Changpeng Zhao (CZ), denied the narrative. He claims that the news is just a media effort to cause fear, uncertainty and doubt (FUD) in the industry.

In a post on Twitter, CZ explains that changing employees is a natural thing in every company. He also emphasized that the reasons expressed in the news were not true. CZ highlighted that the departure was part of a staff change that usually occurs in companies.

In addition, he emphasized that the three executives did not leave the company in one week as previously reported. CZ explained that only one of them left that week.

CZ also showed appreciation for his former team members who have contributed to the company's growth. He also congratulated the team members who had received a new role. CZ emphasized that his team has excellent abilities.

Earlier, news reports revealed that Hon Ng's General Advisor, Chief Strategy Officer Patrick Hillmann, Senior Vice President of Compliance Steven Christie, and Binance's Chief Business Officer, Yibo Ling, had left Binance.

The report mentions the ongoing investigation by CZ as the reason behind the sudden departure of the executives. In addition, the report describes their departure as "a management and strategic crisis for Binance as Binance faces enormous regulatory pressure".

Several former Binance executives have confirmed that their departure was not related to the situation reported in the news. Patrick Hillmann stated that he left Binance in a good way and cited the family's reasons as the main factor in his departure. Steven Christie also explained that his departure was driven by health reasons and fatigue after years of working in crypto compliance.

Binance has faced pressure from US regulators and faces several charges involving alleged violations of regulations. Despite investigations conducted by the Justice Department, the SEC has also sued Binance for several offenses including registering unregistered securities, mixing customer deposits, and violating Know-Your-Customers (KYC) rules.

Although Binance.US, a subsidiary of Binance in the United States, has experienced a decline in market share, the impact of the departure of the executive and accompanying news is not yet known.