Binance Exec Departs Amidst Probes, Exchange Plunging Into Crisis
Patrick Hillmann, chief strategy officer at the company since late 2021, is leaving, he confirmed on Twitter, saying he was ‘doing so on good terms’.
The company, widely condemned on the pages of CoinGeek, appears to be living up to their delineation.
Steven Stradbrooke of CoinGeek has referred to the SEC probe of Binance as a "hostage negotiation".
The cryptocurrency exchange is accused by the SEC of mishandling customer funds, misleading investors and regulators, and breaking securities rules.
And earlier this week, the Australian Securities and Investments Commission conducted searches at several Binance Australia locations as part of an investigation into its now-defunct local derivatives business, according to Bloomberg News.
The SEC is reportedly looking to freeze the assets of Binance's US-facing exchange.
Binance employed nearly 600 employees in the US earlier in the year and that number appears to be dwindling down.
From Bloomberg News:
During midyear performance reviews in June, various staffers were asked whether they would be willing to relocate and some of those who declined were let go, the person familiar with the matter said. Binance did not respond to a request for comment on any of the departures.
Senior Vice President for Compliance Steven Christie is also said to have resigned this week.
Binance’s Global Vice President of Marketing and Communications Steve Milton left the company last month. Senior Director of Investigations Matthew Price resigned as well.
Binance is currently helm by CEO Changpeng “CZ” Zhao and it is widely reported the mass exodus of executives has to do with his response to the SEC investigation.
In a tweet, Hillman said he still “continues to respect and support” Zhao.
In the wake of the SEC lawsuit, Binance lost a major European banking partner. Meanwhile, Binance.US announced it would cease trading in U.S. dollars.
- Aaron Goldstein, Gambling911.com
