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News - Top executives are leaving Binance - is Changpeng Zhao the reason?
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09-07-20233 min read
Top executives are leaving Binance - is Changpeng Zhao the reason?
Some key figures at Binance are quitting. Reportedly because of investigations by the U.S. Department of Justice - and CZ's response to them.
Changpeng Zhao's reactions to the ongoing investigation reportedly did not go down well. Forbes claims to have heard this from a person "familiar with the matter." Executives include Patrick Hillmann, chief strategy officer, and Steven Christie, senior vice president for compliance.
Apologies for any typos, but I was not expecting to be tweeting about this today.
— Patrick Hillmann (@PRHillmann) July 6, 2023
It’s true that I am leaving @Binance, but I’m doing so on good terms. I continue to respect and support @cz_binance and am grateful for having had the incredible opportunity to work under his…
Binance cites other reasons for the terminations. U.S. regulators CFTC and SEC have sued Binance this year. Several countries in Europe have also denied licenses and launched investigations.
Since 2018, the US Department of Justice has reportedly been personally investigating Binance and CZ. Rumors of an indictment have been circulating since December 2022, and Binance's founder could face a prison sentence in the process. The court situation is a threat to Binance's survival.
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