Some of Binance’s executives have left the company in the wake of a lawsuit filed by the US Securities and Exchange Commission (SEC). This lawsuit has also drawn criticism for allegedly favouring the US-based cryptocurrency exchange Coinbase.
Several high-ranking officials at Binance’s US branch resigned after the complaint was filed, and it has been speculated that this was due to the SEC’s aggressive enforcement actions.
However, these people who are leaving have said that the case has nothing to do with why they are leaving.
Hillmann said that his resignation was mutually agreed upon, while Christie said he needed time off to be with his family.
There are signs that the cryptocurrency exchange may have found a replacement for former Chief Strategy Officer Patrick Hillmann, according to a story by Fox Business writer Eleanor Terrett.
Current VP of Communications Brad Jaffe is widely considered the frontrunner to succeed Hillmann. Binance seems to be actively seeking Steve Christie’s replacement as senior vice president of compliance.
Changpeng Zhao, the CEO of Binance, has responded to the recent departures by labelling them “FUD,” an abbreviation frequently used to signify fear, unrest, and uncertainty.
CZ denied that the departures were due to the SEC’s activities, saying that the changes in the market and the global crypto environment are a natural part of the turnover process.
He stressed that employee turnover is inevitable because of the inevitable changes in both the organisation and individual situations. CZ expressed gratitude to the departing staff and offered best wishes.
He ended by saying that Binance is still committed to expansion and is always looking for more employees.
Concerns regarding the effect on Bitcoin’s price and the broader cryptocurrency industry have been sparked by governmental steps. Bitcoin has shown incredible fortitude in the face of the adversity caused by Binance and the departure of some of its top executives.
The market’s capacity to absorb regulation changes without serious disruption was on display in the small decline in reaction to news of management departure.
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