Amid the ongoing lawsuit with the SEC and the investigation of the DOJ, several senior executives at Binance were seen handing in their resignations. Patrick Hillman, the chief strategy officer of the exchange, has confirmed that he would be bidding farewell to the crypto exchange but clarified that he is walking away on good terms. At the same time, several sources have stated that general counsel Han Ng, and the senior vice president for compliance, Steven Christie would leave alongside Hillman.
Hillman released a statement on his resignation on Twitter,
“It’s true that I am leaving Binance, but I’m doing so on good terms. I continue to respect and support @cz_binance and am grateful for having had the incredible opportunity to work under his leadership. I’ve been here for two years and it’s simply time for me to move on to the next challenge.”
He further added,
“My wife is literally going to give birth to our second child any hour now (literally), so the time is right for me to step aside. I will continue to cheer on my colleagues at Binance and support this industry as it matures and evolves.”
Apologies for any typos, but I was not expecting to be tweeting about this today.
It’s true that I am leaving @Binance, but I’m doing so on good terms. I continue to respect and support @cz_binance and am grateful for having had the incredible opportunity to work under his…
— Patrick Hillmann (@PRHillmann) July 6, 2023
The exit of these executives follows the resignation of the former IRS agent, Matthew Price, who served as the Global Head of Intelligence and Investigations at the exchange. However, several people claim that the main catalyst behind the resignation of these executives revolves around the reply of Changpeng Zhao to the DOJ. The SEC filed a lawsuit against Binance last month and alleged that the exchange mishandled the funds of its customers. However, Binance had actively fought these claims made by regulators and the media for years.
Resignations of Top Binance Executives and CZ’s Response
A notable executive to counter these claims was Patrick Hillman himself who had grilled multiple sources for alleging that the exchange was mixing client funds with its corporate treasury. Apart from the SEC’s lawsuit against the exchange, the Department of Justice has launched an investigation against the crypto exchange for allowing Russians to use the exchange despite US sanctions. The CFTC also sued the company back in March for failing to register itself with the regulator.
Changpeng Zhao did confirm the mass resignations of the top executives but also highlighted that the reasons stated for their resignations were merely made up. At the same time, CZ highlighted how the exchange grew from a mere 30 people to 8000 people within 6 years and how Binance established itself as the largest crypto exchange within five months after its inception. Not only did the firm continue holding on to that position, but also managed to protect its users at all times.
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
Furthermore, CZ continues to explain how turnovers are a common occurrence in every organization and thanked the executives for their hard work towards the growth of the crypto exchange. However, the road would not just simply end here as Binance would continue to grow and continue to hire. There are speculations that Eleanor Hughes, Binance’s head of legal for APAC and MENA will become the new general counsel. Plus, Noah Perlamn will remain in the role of chief compliance officer.
