Several senior Binance executives said on Twitter on Friday that they had left the cryptocurrency exchange platform, while the company is the subject of several legal investigations around the world. Binance is the world leader in cryptocurrency, a sector that has recently gone through a series of scandals, between hacks, thefts and a collapse in stock market values.
Two American financial regulators are suing it and, according to several media, the company and its charismatic boss Changpeng Zhao (CZ) are under investigation by the American Department of Justice, in particular for money laundering. According to Fortune magazine, the departure of the two leaders is linked to the way CZ approaches these investigations. But the interested parties denied on Twitter, giving the explanation of family reasons.
Chief strategy officer Patrick Hillman is leaving “on good terms,” he wrote, adding that he “will continue to respect and support” Changpeng Zhao. Chief Compliance Officer Steven Christie said his departure was “far less sensational than any article might suggest”, noting that he had to “start helping around the house, doing chores housewives and cooking dinner several times a week. Fortune says Binance has lost other executives in recent weeks. Contacted by AFP, Binance did not respond immediately.
The highly volatile cryptocurrency industry reached a valuation of over $3 trillion last year thanks to a range of complex, celebrity-promoted products. But the bubble was then shattered, particularly following the collapse of the FTX exchange and the indictment of its leaders, a scandal which had permanently damaged the confidence of the general public and caused investors to withdraw their money.
