General Counsel Han Ng, Chief Strategy Officer Patrick Hillmann and Vice President of Compliance Steven Christie are among those who have decided to leave the company. Fortune noted that Matthew Price, head of global investigations and intelligence, also left recently.
Fortune said there is no indication that the CEO of Binance Changpeng Zhao intends to step down as CEO of the company in the near future.
According to Fortune’s sources, the executives decided to leave the company largely because of Zhao’s handling of a US Department of Justice (DOJ) investigation. The investigation, reportedly ongoing for more than a year, alleges that Binance attempted to mislead US regulators, engaged in money laundering and authorized sanctions violations.
Separate reports from Reuters in December 2022 suggested that Binance was under investigation by the DOJ. The company apparently rejected this suggestion. In a statement, representatives said they had no idea of the “inner workings” of the DOJ and also said it would be inappropriate to comment on the matter regardless.
Departures occur alongside regulatory challenges
Staff departures involve executives who are critical to corporate legal and compliance units, often the first point of contact with regulators.
Some of the staff members who were supposed to leave interacted a lot with the public. Hillman, in particular, commented on Binance’s controversies stablecoin transfers, insider trading rumorsAnd company layoffs These last months. Many of his comments concerned controversial topics raised by the mainstream media.
Binance and its related companies are also facing recent charges from the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). These cases started in March And Junerespectively.
It remains to be seen how these developments will affect the future of the company, its reputation, and the broader cryptocurrency market.
CryptoSlate attempted to contact Binance to verify staff departures but had received no comment as of press time.
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