Following the US Securities and Exchange Commission (SEC) lawsuit against Binance, some of its executives have decided to leave the firm. This legal action also sparked criticism regarding alleged preferential treatment given to Coinbase, a US-based crypto exchange.

The lawsuit has prompted discussions about whether the SEC’s aggressive enforcement measures played a role in the departure of several high-ranking executives from Binance’s US division.

However, these departing individuals have stated that their reasons for leaving are unrelated to the ongoing lawsuit.

Departures And Potential Replacements

Han Ng, the General Counsel, Patrick Hillmann, the Chief Strategy Officer, and Steven Christie, the senior vice president for Compliance, are among those who have left Binance.

While Hillmann stated that his departure was amicable, Christie stated that he wanted to take a vacation and spend more time with his family.

According to a report by Fox Business journalist Eleanor Terrett, there are indications that the crypto exchange has identified a potential candidate to fill the position left vacant by former Chief Strategy Officer Patrick Hillmann.

Brad Jaffe, the company’s current vice president of Communications, is expected to be named Hillmann’s replacement.

Binance appears to be aggressively looking for a new senior vice president of compliance to replace Steve Christie.

Binance CEO Dismisses Departure Speculations

In response to the recent departures, Binance’s chief, Changpeng Zhao, referred to the news as ‘FUD,’ an acronym commonly used to describe fear, unrest, and doubt.

CZ dismissed the notion that these departures were directly linked to the SEC’s actions, stating that they are part of the normal turnover process that occurs as the market and global crypto environment undergo changes.

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Author: Ebo Victor

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