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- Binance chief Changpeng Zhao discussed the departure of his top lieutenants.
- The crypto exchange lost three of its top executives this week, including its general counsel.
- Reports indicated that the executives blamed their departure on Zhao’s handling of recent investigations.
Changpeng Zhao, the man behind the world’s largest crypto exchange, has addressed losing three of his top lieutenants. Binance lost three of its top executives this week, including Chief Strategy Officer and General Counsel. Zhao responded to the loss of his company’s executives by dismissing allegations of mishandling investigations.
4. More FUD about some departures. Yes, there is turnover (at every company). But the reasons dreamed up by the “news” are completely wrong.As an organization that has grown from 30 to 8000 people in 6 years, from 0 to the world’s largest crypto exchange in less than 5 months…— CZ Binance (@cz_binance) July 6, 2023
According to a report by Fortune, Binance’s CSO Patrick Hillmann, General Counsel Han Ng, and Senior Vice President for Compliance Steven Christie turned in their resignation this week. The top executives blamed their departure on CEO Changpeng Zhao’s handling of the investigation by the United States Department of Justice.
However, Patrick Hillmann tweeted a clarification on Twitter, wherein he stated that he was leaving the crypto exchange on good terms. Hillmann stated that he was ready to move on to the next challenge and that he would continue to respect and support Changpeng Zhao.
Zhao took to Twitter earlier today to address the latest development and dismissed any indication of chaos or turmoil in his crypto firm. “More FUD about some departures. Yes, there is turnover (at every company),” he told his followers while wishing good luck to the senior executives who left Binance.
Zhao claimed that the departure of some of his company’s top executives was a part of the regular turnover process at a firm of Binance’s size. The crypto billionaire also called out mainstream media for attempting to spread FUD about his crypto exchange. A visible drop was seen in the price of the BNB token. At the time of writing, BNB was trading at $234, down almost 3% over the past 24 hours.
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