Binance Hit As Top Executives Quit - CryptoCurrencyWire

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Binance, the world’s largest cryptocurrency exchange, has recently experienced a wave of executive departures amid a series of legal and regulatory challenges. Several high-ranking officials have announced their resignations through social media posts and media outlets, dealing another blow to the embattled exchange.

Patrick Hillmann, the chief strategy officer, took to Twitter on Thursday to announce his departure from Binance, citing personal reasons as the motive behind his decision. In a similar fashion, Steven Christie, a compliance executive who joined the company in May 2022, tweeted on Friday that he was leaving due to exhaustion and a desire to prioritize his well-being.

According to reports from Bloomberg News and Fortune, General Counsel Hon Ng has also resigned from Binance. Additionally, Yibo Ling, the chief business officer based in the United States, has also left the company.

Just last month, the exchange and its CEO, Changpeng Zhao, faced a lawsuit from U.S. regulators, accusing the company of operating a deceptive scheme. Binance has consistently refuted these allegations, both from regulatory bodies and the media. Prior to his departure, Hillmann frequently defended the exchange against such claims. Binance is currently under investigation by the U.S. Justice Department for potential money laundering and sanctions violations, as reported by Reuters.

Hillmann, who initially joined Binance as the top communications executive in 2021 and later assumed the role of chief strategy officer in October 2022, had been one of the exchange’s most vocal advocates on social media, especially after Zhao. He tweeted about guiding the company through various crises and regulatory hurdles faced by the crypto industry, highlighting Binance’s resilience and continuous growth.

In response to these developments, Zhao, a billionaire and influential figure in the cryptocurrency industry, posted a tweet last week acknowledging the turnover within the company. He dismissed the reasons speculated by the media as completely erroneous.

These recent events seem to have shaken investor confidence, as Binance’s native cryptocurrency token, BNB, experienced a 4% decline following Fortune’s publication, indicating the market’s apprehensive response to these unfolding circumstances.

Binance has not yet publicly commented on the departures, deferring to Zhao’s tweet when questioned. Meanwhile, Eleanor Hughes, currently the head of legal for the APAC and MENA regions, is set to replace Hon Ng as general counsel, and Noah Perlamn, who assumed the position of chief compliance officer in February, is expected to remain with the company.

Needless to say, other cryto industry actors such as Bit Digital Inc. (NASDAQ: BTBT) are watching the goings on at Binance and taking notes on the way the industry is shaping up amid the crackdown.

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