Binance’s chief strategy officer, Patrick Hillmann, has confirmed his departure from the cryptocurrency exchange amidst reports of other top compliance executives resigning in the United States.
In a tweet on July 6, Hillmann stated that he is leaving Binance on good terms after two years with the company.
He mentioned that it is time for him to move on to the next challenge, especially as he is expecting his second child.
Fortune had previously reported that several Binance executives, including Hillmann, left the exchange due to CEO Changpeng “CZ” Zhao’s response to the U.S. Justice Department’s investigation, citing an internal source.
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It was further revealed that the general counsel, Han Ng, and the senior vice president for compliance, Steven Christie, have also departed from the exchange.
In response to these reports, Zhao dismissed them as “FUD” (fear, uncertainty, and doubt) in a tweet, claiming that the reasons for the executive departures were fabricated and completely false.
According to another report from Bloomberg, Binance’s head of legal for APAC and MENA, Eleanor Hughes, will assume the role of the new general counsel, replacing Ng.
Meanwhile, Noah Perlamn, who joined as the chief compliance officer in February, will continue to work at the company. When asked for comment on the matter, Binance referred to Zhao’s tweet.
The U.S. Justice Department is reportedly investigating Binance for allegedly permitting Russians to use the exchange in violation of U.S. sanctions.
Additionally, in June, the Securities and Exchange Commission filed a lawsuit against Binance, accusing them of offering unregistered securities and misusing customer funds.
Earlier in March, the Commodities Futures Trading Commission also sued Binance, alleging that the exchange failed to properly register with the regulator.
As Binance faces these legal challenges and the departure of key compliance executives, the cryptocurrency exchange will need to navigate through these obstacles and maintain transparency to regain trust within the industry and with regulatory authorities.
