Binance’s top strategist departs company amid reported US exec resignations

Binance Chief Strategy Officer Patrick Hillman has confirmed he is leaving the cryptocurrency exchange amid reports that other US compliance heads have submitted their resignations.

On July 6, Patrick Hillman tweeted, “I am retiring.” [Binance]But we get along well.

“I’ve been here for two years and it’s just time to move on to the next challenge,” Hillman said, adding that she’s currently pregnant with her second child. It’s a good time to draw a .”

I apologize for the typo, but I didn’t expect to be tweeting about this today.

it’s true i’m leaving @Binance, but I get along well.We will continue to respect and support you. @cz_binance And I am grateful for the wonderful opportunity to work under him…

— Patrick Hillman (@PRHillmann) July 6, 2023

Tweets are as follows report Fortune, citing inside sources, said several Binance executives, including Hillman, had left the exchange over how CEO Changpeng “CZ” Chao responded to the Justice Department investigation. reportedly suggested.

General Counsel Han Ng and Senior Vice President of Compliance Stephen Christie have reportedly left the exchange.

Responding to the report, Mr. Zhao tweeted that it was “unjustified” and said the reason for his resignation was “fantastic” and “completely wrong.”

4. Additional FUD on some departures. Yes, there is a turnover rate (in any company). But the reason “news” envisions is completely wrong.

As an organization that grew from 30 to 8,000 employees in 6 years and from zero to the world’s largest cryptocurrency exchange in less than 5 months…

— CZ Binance (@cz_binance) July 6, 2023

Another report from Bloomberg Quote Eleanor Hughes, Binance’s APAC and MENA general counsel, will replace Ng as the new general counsel, according to people familiar with the matter, while Noah Parham, who joined as chief compliance officer in February, will remain with the company. It says.

When asked for comment on the matter, Binance pointed to Mr. Zhao’s tweet.

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The Justice Department is reportedly investigating Binance for allowing Russians to use its exchange in violation of US sanctions.

In June, the Securities and Exchange Commission (SEC) sued Binance for allegedly offering unregistered securities and misappropriating customer funds.

The Commodity Futures Trading Commission (CFTC) also sued Binance in March for failing to properly register with regulators.

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Update (July 6, 11:15 PM UTC): This article has been updated with Zhao’s tweet and Binance’s response.