Several senior executives at Binance have decided to quit the crypto exchange.
The executive blamed their decision on CEO Changpeng Zhao’s handling of the investigation by the Justice Department.
The departed executives include CSO Patrick Hillmann and Compliance SVP Steven Christie.
The latest development led to a considerable decline in the platform’s BNB token.
After facing severed banking relationships, hostile regulators, and several instances of FUD, multiple senior executives at Binance have reportedly turned in their resignations. The executives blamed their decision to quit on CEO Changpeng Zhao’s handling of the regulatory inquiries and investigations into the exchange’s operations. Their departure comes amid mounting regulatory and legal troubles for the world’s largest crypto exchange.
BNB Tanks After Top Executives Quit Binance
According to a report by Fortune, senior executives at Binance, including Chief Strategy Officer Patrick Hillmann, Senior Vice President for Compliance Steven Christie, and General Counsel Han Ng, informed the Chief Executive that they were quitting the company. A person familiar with the matter revealed that the executives blamed their departure on Changpeng Zhao’s handling of the investigation by the US Department of Justice. The Justice Department’s probe is just one of many filed by federal agencies in the United States.
Binance or CEO Changpeng Zhao have not put out an official statement addressing the news of the recent departures. However, CSO Patrick Hillmann took to Twitter to inform everyone that he was leaving the company on good terms and would continue to respect and support Zhao. The BNB token took a visible hit following the latest development and was trading at $234 at the time of writing.
The loss of key figures from legal and compliance departments will likely cause problems for the crypto giant, given that it is juggling several regulatory inquiries. The crypto exchange is currently facing probes from the Securities and Exchange Commission (SEC), and the Commodities and Futures Trading Commission (CFTC), among several other investigations. Matthew Price, Binance’s Chief of Global Investigations and Intelligence, also quit the company recently.