CZ Dismisses Rumors of High-Level Binance Executives Resigning, Calls it FUD
In a recent tweet, Binance CEO Changpeng Zhao (CZ) responded to growing concerns about senior executives leaving the company, dismissing the claims made by media outlets as baseless fear, uncertainty, and doubt (FUD).
CZ’s tweet comes in the wake of Fortune’s report that several high-ranking individuals, including General Counsel Han Ng, Chief Strategy Officer Patrick Hillmann, SVP for Compliance Steven Christie, and Matthew Price, Head of Global Investigations and Intelligence, have decided to leave the leading cryptocurrency exchange.
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
CZ began his tweet by acknowledging the existence of turnover in every company, emphasizing that Binance has experienced significant growth and transformation in its short existence. With a workforce that has expanded from 30 to 8000 employees in just six years, Binance has emerged as the world’s largest crypto exchange within five months of its founding and has held onto that position ever since. CZ proudly stated that throughout this journey, Binance has been fortunate enough to attract some of the most talented professionals in the industry, enabling them to protect their users and fuel their continuous growth.
As the crypto market and the global regulatory landscape undergo constant changes, CZ pointed out that organizational evolution and personal circumstances can lead to turnover within any company. While expressing gratitude to former team members for their contributions to Binance’s growth, CZ also congratulated those who have transitioned into new roles within the organization, emphasizing their exceptional caliber.
The departure of senior executives from Binance, however, has raised eyebrows, especially in light of recent regulatory developments. According to Fortune’s sources, these individuals chose to exit the company due to concerns over CZ’s handling of an ongoing investigation by the U.S. Department of Justice (DOJ). The investigation, reportedly ongoing for over a year, alleges various wrongdoing by Binance, including attempts to mislead U.S. regulators, involvement in money laundering activities, and violations of sanctions.
CZ firmly denied these allegations, labeling them as completely incorrect and emphasizing that the reasons speculated by the media were unfounded. It is worth noting that as of now, no formal charges have been brought against Binance by the DOJ or any other regulatory authority. However, the scrutiny surrounding the company has undoubtedly created a challenging environment, leading to executive departures.
Despite the recent departures, CZ emphasized Binance’s commitment to its continued growth and expansion, asserting that the company remains focused on building and hiring talent. While regulatory challenges persist, Binance’s resolve to navigate this complex landscape and adapt to changing market conditions remains unwavering.
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