Several senior executives of Binance, the largest crypto exchange by trading volume, have left the company amid increased regulatory scrutiny worldwide over the exchange. The executives exiting the firm include chief strategy officer Patrick Hillmann, senior vice president (VP) for compliance Steven Christie, and general counsel Hon Ng. Sources familiar with the matter said the new general counsel will be Eleanor Hughes. - The claims also pointed out that some of Binance's 600 employees in the U.S. were asked whether they would be willing to relocate during mid-year performance reviews in June, and those declining were laid off.
- The company's chief business officer, Yibo Ling, was also one of the staff leaving the exchange in the U.S.
- Binance CEO Changpeng Zhao (CZ) responded to the news on Twitter, saying that there is procedural turnover at every company depending on the environment in the global crypto market, the changes in the organization, and the shift in personal situations.
- In early June, Binance also denied the rumors of a mass layoff, stating that it is reevaluating its staff at regular intervals, which could result in job cuts.
Over the past several months, Binance came under increased crackdown in many countries, including the U.S., Australia, France, and Belgium. - The company also had to withdraw from several markets in the West, such as Cyprus, Canada, the U.K., and the Netherlands, mostly due to compliance issues.
- The regulatory pressure recently caused the exchange's market share to fall to the lowest levels since August 2022.
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