Several executives at leading cryptocurrency exchange Binance have recently made their exit from the company, attributing their departures mostly to personal reasons. This development comes as regulatory pressure on the company continues to intensify.
Patrick Hillmann, Binance’s chief strategy officer, announced on Twitter that he was leaving the company “on good terms.” Similarly, Steven Christie, a compliance officer who joined Binance last year, also cited personal reasons for his departure in a tweet.
According to anonymous sources cited by Fortune, Han Ng, Binance’s general counsel, has also stepped down from his role.
These executive departures follow legal actions taken against Binance by regulatory bodies. In May, the U.S. Commodity Futures Trading Commission filed a lawsuit against the exchange for alleged violations of commodity trading laws. Additionally, in June, the SEC charged Binance with 13 securities law violations, accusing the company of mishandling customer funds and illegally serving U.S. investors.
Binance has responded to these legal actions by expressing disappointment and assuring users of the safety and security of their assets on Binance and its affiliate platforms, including Binance.US.
As executives bid farewell to the company, Binance’s CEO Changpeng Zhao has sought to defend its reputation.
Refuting claims made by news outlets, Zhao tweeted on Thursday that turnover is a natural occurrence in any company and that the reasons presented in media reports are simply inaccurate. He emphasized that Binance’s growth from a team of 30 to over 8,000 employees within six years, as well as its rapid rise to become the world’s largest crypto exchange shortly after its founding, showcases the organization’s ability to protect its users and attract top talent.