Binance executives exit as regulatory heat intensifies

Binance is facing the departure of senior executives amid the challenges posed by regulatory issues, reports Bloomberg. According to sources familiar with the situation, some employees have already left their positions, while others are planning to resign.

Patrick Hillmann, who served as the Chief Strategy Officer at Binance since 2021, confirmed his decision to leave the company on Friday. However, he reassured in a tweet that his departure was amicable.

Sources, who shared information with Bloomberg, indicate that senior executives such as Steven Christie, the Senior Vice President for Compliance, and Hon Ng, the General Counsel, are among those who have reportedly left Binance. It is believed that Eleanor Hughes will assume the role of the new General Counsel.

Binance CEO Changpeng Zhao has refrained from commenting on the specific departures but emphasised on Twitter that turnover is a natural occurrence in any organisation. Zhao underscored the company’s commitment to addressing regulatory challenges and maintaining operational stability.

Insiders who provided information to Bloomberg also revealed that during a mid-year performance review in June, Binance had approached some of its staff based in the United States. They were asked if they were willing to relocate, and those who declined were reportedly let go.