Separate from the Justice Department-initiated investigation, the SEC filed charges against Binance a month ago for listing unregistered securities, tampering with customer deposits, and violating KYC rules.

The recent departure of several senior executives from major crypto exchange Binance has sparked a reaction among netizens who described the move as “total chaos.”

However, Changpeng ‘CZ’ Zhao, the exchange’s CEO, has debunked this theory, saying that media companies are creating and spreading fear, uncertainty and doubt (FUD) in the industry. claimed to be a mere attempt to

In a Twitter post published earlier today, CZ said:

“I’m even more frustrated about some departures. Yes, there is a turnover rate (in every company). But the reasons ‘news’ envisioned are completely wrong.”

Further explaining, he stressed that all of these departures are part of the company’s required employee turnover. He also noted that not all three executives left within a week, as had previously been speculated. Mr. Zhao said that was just an exaggeration, as only one of those executives resigned this week.

“As the market and global environment surrounding cryptocurrencies change, organizations evolve, and personal circumstances change, turnover occurs at any company. Former team who contributed to our growth Thank you to all of our members and wish them the best of luck, and salute to our team members who have grown into these new roles. bottom.

General Counsel Hong Ng, Chief Strategy Officer Patrick Hillman and Senior Vice President of Compliance Stephen Christie have stepped down from their respective positions at the major exchanges, according to a Fortune report. Bloomberg also announced that Binance Chief Business Officer Yibo Lin has left the company.

Reports cited CZ’s handling of the ongoing investigation as the reason for the sudden resignation of the executives. Fortune also described management’s decision as “an operational and strategic crisis at a time when Binance is navigating enormous regulatory pressures.”

Former Binance Executives Confirm CZ’s Claims

Remarkable, Hillman Confirmed He said he plans to leave Binance but remains on good terms, adding that it is the right time to step back as his wife is having a child.

Christie too Declared His reason for leaving is said to be completely different from what has been reported. He cited his health and family reasons for leaving Binance.

“I have been involved in cryptocurrency compliance since joining Xapo in 2015, and have tirelessly led and grown the Kraken and Binance compliance departments for the past about six years. I’m just there,” Christie said.

As it stands, Binance is already under a lot of pressure from US regulators who question its integrity and service offerings. Separate from the Justice Department-initiated investigation, the Securities and Exchange Commission (SEC) filed charges against Binance a month ago for listing unregistered securities, tampering with customer deposits, and violating know-your-customer (KYC) rules.

The exchange’s U.S. subsidiary, Binance .US, has been less successful in terms of market share, losing more than 20% of its market share as of Thursday, July 6. So far, the expected FUD impact has not yet been made public.

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about the real-world applications of blockchain technology and the innovations driving the general acceptance and global integration of emerging technologies. His desire to educate people about cryptocurrencies has inspired his contributions to well-known blockchain-based media and sites. Benjamin Godfrey loves sports and farming.

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