Binance’s Chief Strategist Announces Departure Amidst Reports of Resignations in the US

Binance’s Chief Strategy Officer, Patrick Hillmann, has officially announced his departure from the cryptocurrency exchange amidst a wave of resignations by other high-ranking compliance executives in the United States.

On July 6, Hillmann took to Twitter to confirm the news, stating, “I am leaving [Binance], but I’m doing so on good terms.” He further explained that after two years with the company, it was time for him to seek new challenges. Hillmann also mentioned that he and his partner are expecting their second child, making it an opportune moment for him to step aside.

This confirmation follows a recent report by Fortune, which indicated that several Binance executives, including Hillmann, chose to leave the exchange due to concerns over CEO Changpeng “CZ” Zhao’s response to the ongoing investigation by the US Department of Justice (DOJ). The report cited an internal source as its reference.

Among the notable departures were General Counsel Han Ng and Senior Vice President for Compliance Steven Christie, according to the Fortune report.

Responding to the reports, Zhao took to Twitter, dismissing them as “FUD” (fear, uncertainty, and doubt) and asserting that the reasons behind the executive resignations were fabricated and entirely incorrect.

Bloomberg also published a report, based on information from another source, stating that Eleanor Hughes, the Head of Legal for Asia-Pacific (APAC) and Middle East/North Africa (MENA) regions, would be taking over as the new General Counsel, replacing Ng. Additionally, Noah Perlman, who assumed the role of Chief Compliance Officer in February, is expected to remain with the company.

When asked for comment, Binance referred to Zhao’s tweet as its response to the matter.

The US Department of Justice is reportedly investigating Binance for allegedly enabling Russians to use the platform in violation of US sanctions. Furthermore, in June, the Securities and Exchange Commission (SEC) filed a lawsuit against Binance, accusing the exchange of offering unregistered securities and misusing customer funds, among other charges. In March, the Commodities Futures Trading Commission (CFTC) also sued Binance, alleging that the company had failed to properly register with the regulator.

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