- According to the CEO, this is a normal turnover of staff
- Three members of the top management, as well as an unknown number of other staff
- It appears to be due to pressure from the authorities
Binance, the cryptocurrency exchange, has recently lost several key employees.. Among them, for example, is the firm’s CSO (Chief Strategy Officer) Stephen Christie. CEO Changpeng Zhao commented on the situation, saying it was just a normal staff turnover.
In addition to CSO, Binance’s General Counsel Han Ng, Compliance Advisor, Chief Commercial Officer Yibo Ling and others all left.
The situation did not go unnoticed by CEO Changpeng Zhao. This morning, July 7, he wrote the following on his Twitter page:
“More FUD around some layoffs.
Zhao would not explain why some of the top management resigned, only that Binance is still going strong.. He also congratulated those employees who will take up their new positions.
Reminder, Binance is being sued by the SEC and the CFTC. The exchange is accused of violating industry legislation and misuse of client funds. The company denies this.
It is noteworthy that, according to unconfirmed information, the exchange intends to allocate up to $1 billion to the legal battle with the SEC.. Meanwhile, the U.S. unit is downsizing, citing increased costs.
We also previously covered Kaiko’s report on the structure of the crypto-asset spot market. As it turns out, Binance continues to lose its position in the segment, which, one way or another, will affect its financial results.