Binance CEO Changpeng Zhao tweeted on Tuesday morning that executive departures are normal after Fortune said at least three executives were leaving the company.
“A lot of FUD[fear, uncertainty and doubt]about some retirees. Wrong,” Zhao tweeted.
“As the global environment surrounding the market and crypto assets changes, organizations evolve, and personal circumstances change, there will be turnover at any company.”
Binance has come under intense scrutiny from regulators around the world, with the U.S. Securities and Exchange Commission (SEC) suing the company and CEO Zhao for violating multiple federal securities laws.
On Thursday, Fortune executives, including Chief Strategy Officer Patrick Hillmann and Senior Director of Investigations Matthew Price, responded to the Justice Department investigation. It was reported that he will leave the company due to the response of CEO Zhao.
Meanwhile, Hillman tweeted that he was leaving the company on good terms and that it was “just time to move on to the next challenge.”
Apologies for any typos, but I was not expecting to be tweeting about this today.
—Patrick Hillmann (@PRHillmann) July 6, 2023
Bloomberg also reported that chief business officer Yibo Ling has left the company, and that U.S. staff have been forced to move out of the United States or be laid off.
｜Translation: CoinDesk JAPAN
｜Editing: Takayuki Masuda
｜Image: CEO Zhao (CoinDesk)
｜Original: Binance CEO ‘CZ’ Brushes Off News of Top Executive Departures
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