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Top management leaves Binance en masse

Top management leaves Binance en masse

Recently, the Binance cryptocurrency exchange has lost several key employees at once. Among them, for example, there is the CSO (strategy director) of the company Stephen Christie. General manager Changpeng Zhao commented on the situation, noting that this is a normal staff turnover.

In addition to the CSO, Binance has left: General Counsel Han Ng, Compliance Advisor, Chief Commercial Officer Yibo Ling, and others.

The situation did not go unnoticed by the CEO of the exchange, Changpeng Zhao. This morning, July 7, he wrote on his Twitter page:

“More FUD around some of the layoffs. Yes, we have a certain turnover (as well as in any other company), but its reasons are completely different.

Zhao did not explain what exactly dictated the resignation of a number of top management members, noting only that Binance continues to develop. He also congratulated those employees who will take new positions.

Recall that Binance was sued by the SEC and the CFTC. The exchange is accused of violating industry laws and misusing customer funds. The company denies this.

It is noteworthy that, according to unconfirmed information, the exchange intends to allocate up to $ 1 billion for litigation with the SEC. At the same time, the American division is reducing staff, citing increased costs.

Source: Cryptocurrency