CEFIREGULATION

Foreign media reported that top executives of Binance have successively resigned due to legal cases. Zhao Changpeng said: FUD, it is normal personnel movement.

share
Foreign media reported that top executives of Binance have successively resigned due to legal cases. Zhao Changpeng said: FUD, it is normal personnel movement.

Facing the disclosure by Forbes that several executives at Binance left due to ongoing regulatory issues, Binance founder Changpeng Zhao (CZ) condemned it as FUD, stating that the timing was coincidental and manipulated by the media to fabricate a story. However, Chief Strategy Officer Patrick Hillmann confirmed his departure was indeed due to his wife expecting their second child.

Binance Loses Three Executives in Succession

This news was first reported by Fortune, and the departing executives include:

  1. Chief Legal Officer Hon Ng

  2. Chief Strategy Officer Patrick Hillmann

  3. Deputy Chief Compliance Officer Steven Christie

  4. Head of Global Intelligence and Investigations Matt Price

The report stated that the first three executives resigned after the departure of IRS special agents hired by Binance in 2021 and also submitted their resignations to CZ.

Changpeng Zhao: Report is FUD, Normal Staff Turnover

Following the exposure of the report, CZ told Fortune that Binance appointed a new Chief Legal Officer a month ago, and Compliance Chief Noah Perlman will continue to serve at Binance, mentioning that Patrick Hillmann's departure was due to personal reasons.

The report, however, indicated that the resignations were a response by executives to the SEC and CFTC lawsuits against Binance.

  • SEC accuses Binance Holdings and Changpeng Zhao of violating securities laws, BNB falls below recent lows

  • CFTC lawsuit against Binance fully explained | Binance founder Changpeng Zhao & former legal chief in violation of regulations, seeking permanent trading ban

However, CZ specifically tweeted to emphasize that the report by Fortune is entirely "FUD."

He stated that the executives' resignations were not at all related to the Binance lawsuit, but were exaggerated due to a coincidental timing, and personnel turnover is a common occurrence in every company.

Former Chief Strategy Officer Patrick Hillmann: Wife is About to Give Birth

Patrick Hillmann's tweet confirmed his resignation, stating that the timing of his departure was right, he greatly respects CZ, and will continue to support in the future. He decided to resign because his wife is very close to giving birth to their second child at any moment.

He expressed:

I am very grateful for the rare opportunity to work under CZ's leadership. I have been at Binance for two years, and now it is time for me to take on the next challenge. Despite the prolonged industry crisis and regulatory challenges at Binance, from Luna, 3AC to FTX, Binance will continue to grow and develop. I will continue to cheer for my Binance colleagues and support the development of the cryptocurrency industry. Blockchain and cryptocurrencies will not disappear, and I am excited for the upcoming years.