07-07-2023, 02:19 PM
Binance Loses Top Executives amid Regulatory Challenges
<p>
Binance's senior executives are reportedly leaving the
organization following the regulatory crisis facing the <a href="https://www.financemagnates.com/terms/c/cryptocurrency-exchange/" class="terms__secondary-term" id="601e2e5f-0c28-4253-9ad4-5e6b251ba2fa">cryptocurrency exchange</a>.
According to the people familiar with the matter, some of the employees of the
exchange were planning to resign from their roles, while others had already left.</p><p>Patrick Hillmann, the
Chief Strategy Officer who joined Binance in 2021, confirmed on Friday that he
was quitting his job. However, Hillmann said in a tweet that he was
parting ways with the company on good terms.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Apologies for any typos, but I was not expecting to be tweeting about this today. It’s true that I am leaving <a href="https://twitter.com/binance?ref_src=twsrc%5Etfw">@Binance</a>, but I’m doing so on good terms. I continue to respect and support <a href="https://twitter.com/cz_binance?ref_src=twsrc%5Etfw">@cz_binance</a> and am grateful for having had the incredible opportunity to work under his…</p>— Patrick Hillmann (@PRHillmann) <a href="https://twitter.com/PRHillmann/status/1677070523740884992?ref_src=twsrc%5Etfw">July 6, 2023</a></blockquote><p>The other senior
executives who have reportedly left Binance include Steven Christie, the Senior Vice
President for Compliance, and Hon Ng, the General Counsel, according to the
sources familiar with the matter who shared information with Bloomberg. Eleanor
Hughes will reportedly take over as the new General Counsel.</p><p>CZ Dismisses Speculations</p><p>Changpeng Zhao 'CZ', the
CEO of Binance, has dismissed the speculations about the departures.
In a tweet, Zhao noted that the <a href="https://www.financemagnates.com/terms/e/exchange/" class="terms__main-term" id="b5da6e64-2afe-421d-9b81-16404b7d59d6">exchange</a> had grown from 30 to 8,000 staff
members within six years and that it will continue to hire more staff.</p><p>"As markets and the
global environment for crypto exchanges, as our organizations evolve, and as
personal situations change, there is turnover in every company," Zhao
said. "We thank our ex-team members for their contributions to our growth
and wish them all the best."</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">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…</p>— CZ ? Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1677092535871602691?ref_src=twsrc%5Etfw">July 6, 2023</a></blockquote><p>The sources who shared
information with Bloomberg added that Binance had asked some of its staff located in the
US during a mid-year performance review (in June) whether they were willing to
relocate, and those who were not willing were let go. Binance employs
approximately 600 people in the US, according to its data on LinkedIn.</p><p>Shrinking Market Share</p><p>Meanwhile, <a href="https://www.financemagnates.com/cryptocurrency/binance-shrinks-eu-presence-exits-netherlands-after-cyprus/" target="_blank">Finance
Magnates</a> reported
yesterday (Thursday) that Binance was <a href="https://www.financemagnates.com/cryptocurrency/binances-market-share-drops-amid-regulatory-pressure/" target="_blank">facing
a declining market share</a>.
Additionally, the market share of the purportedly independent exchange,
Binance.US, had been affected the most, dropping from 22% to 0.9% between April
and June. The decline is attributed to the regulatory pressure the exchange
faces in the global market.</p><p>In
a separate report, Binance is planning to <a href="https://www.financemagnates.com/cryptocurrency/binance-to-transfer-dutch-clients-to-local-rival-coinmerce/" target="_blank">transfer
the accounts</a> of its
users in the Netherlands to a rival company, Coinmerce. Recently, the exchange
announced that it was <a href="https://www.financemagnates.com/cryptocurrency/binance-shrinks-eu-presence-exits-netherlands-after-cyprus/" target="_blank">ceasing
its operations</a> in the
region, causing uncertainty among thousands of its Dutch users.</p>
This article was written by Jared Kirui at www.financemagnates.com.
https://www.financemagnates.com//cryptoc...hallenges/
<p>
Binance's senior executives are reportedly leaving the
organization following the regulatory crisis facing the <a href="https://www.financemagnates.com/terms/c/cryptocurrency-exchange/" class="terms__secondary-term" id="601e2e5f-0c28-4253-9ad4-5e6b251ba2fa">cryptocurrency exchange</a>.
According to the people familiar with the matter, some of the employees of the
exchange were planning to resign from their roles, while others had already left.</p><p>Patrick Hillmann, the
Chief Strategy Officer who joined Binance in 2021, confirmed on Friday that he
was quitting his job. However, Hillmann said in a tweet that he was
parting ways with the company on good terms.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Apologies for any typos, but I was not expecting to be tweeting about this today. It’s true that I am leaving <a href="https://twitter.com/binance?ref_src=twsrc%5Etfw">@Binance</a>, but I’m doing so on good terms. I continue to respect and support <a href="https://twitter.com/cz_binance?ref_src=twsrc%5Etfw">@cz_binance</a> and am grateful for having had the incredible opportunity to work under his…</p>— Patrick Hillmann (@PRHillmann) <a href="https://twitter.com/PRHillmann/status/1677070523740884992?ref_src=twsrc%5Etfw">July 6, 2023</a></blockquote><p>The other senior
executives who have reportedly left Binance include Steven Christie, the Senior Vice
President for Compliance, and Hon Ng, the General Counsel, according to the
sources familiar with the matter who shared information with Bloomberg. Eleanor
Hughes will reportedly take over as the new General Counsel.</p><p>CZ Dismisses Speculations</p><p>Changpeng Zhao 'CZ', the
CEO of Binance, has dismissed the speculations about the departures.
In a tweet, Zhao noted that the <a href="https://www.financemagnates.com/terms/e/exchange/" class="terms__main-term" id="b5da6e64-2afe-421d-9b81-16404b7d59d6">exchange</a> had grown from 30 to 8,000 staff
members within six years and that it will continue to hire more staff.</p><p>"As markets and the
global environment for crypto exchanges, as our organizations evolve, and as
personal situations change, there is turnover in every company," Zhao
said. "We thank our ex-team members for their contributions to our growth
and wish them all the best."</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">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…</p>— CZ ? Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1677092535871602691?ref_src=twsrc%5Etfw">July 6, 2023</a></blockquote><p>The sources who shared
information with Bloomberg added that Binance had asked some of its staff located in the
US during a mid-year performance review (in June) whether they were willing to
relocate, and those who were not willing were let go. Binance employs
approximately 600 people in the US, according to its data on LinkedIn.</p><p>Shrinking Market Share</p><p>Meanwhile, <a href="https://www.financemagnates.com/cryptocurrency/binance-shrinks-eu-presence-exits-netherlands-after-cyprus/" target="_blank">Finance
Magnates</a> reported
yesterday (Thursday) that Binance was <a href="https://www.financemagnates.com/cryptocurrency/binances-market-share-drops-amid-regulatory-pressure/" target="_blank">facing
a declining market share</a>.
Additionally, the market share of the purportedly independent exchange,
Binance.US, had been affected the most, dropping from 22% to 0.9% between April
and June. The decline is attributed to the regulatory pressure the exchange
faces in the global market.</p><p>In
a separate report, Binance is planning to <a href="https://www.financemagnates.com/cryptocurrency/binance-to-transfer-dutch-clients-to-local-rival-coinmerce/" target="_blank">transfer
the accounts</a> of its
users in the Netherlands to a rival company, Coinmerce. Recently, the exchange
announced that it was <a href="https://www.financemagnates.com/cryptocurrency/binance-shrinks-eu-presence-exits-netherlands-after-cyprus/" target="_blank">ceasing
its operations</a> in the
region, causing uncertainty among thousands of its Dutch users.</p>
This article was written by Jared Kirui at www.financemagnates.com.
https://www.financemagnates.com//cryptoc...hallenges/