Top Binance Executives Exit Over CEO’s Response to DOJ Investigation
Binance's handling of the recent regulatory troubles has led to the departure of some top executives.
Several top Binance executives have resigned this week in response to CEO Changpeng Zhao's handling of the investigation by the US Department of Justice, Fortune reported on Thursday, citing a source familiar with the situation.
The report claimed that General Counsel Hon Ng, chief strategy officer Patrick Hillmann, and SVP for Compliance Steven Christie, along with former IRS agent Matthew Price, have all left the company.
In a recent tweet, Hillman claimed he was leaving on good terms and that he “continues to respect and support” Zhao.
"It’s true that I am leaving Binance, but I’m doing so on good terms. I continue to respect and support CZ and am grateful for having had the incredible opportunity to work under his leadership," he said.
The departure of these executives, particularly from the legal and compliance units, adds further pressure to Binance's already strained relationship with regulators.
The recent exits also come in the wake of rumors surrounding ongoing investigations by the Department of Justice (DOJ) into Binance's alleged attempts to deceive US regulators, money laundering, and sanctions violations on its platform.
Last month, John Reed Stark, former Chief of the SEC Office of Internet Enforcement, there is an increasing probability that the DOJ will file charges against Binance.
The SEC veteran said that there “exist a litany of indicators that US DOJ will file, or has already filed under seal, a Binance-related criminal indictment.” He added:
“To me, the CFTC and SEC complaints read more like criminal indictments, replete with allegations of fraud, deception, obstruction of justice and money laundering.”
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