According to a report from Fortune, at least three senior officials have left Binance, one of the largest cryptocurrency exchanges, this week

 

Binance General Counsel Han Ng, Chief Strategy Officer Patrick Hillmann, and Senior Vice President for Compliance Steven Christie have resigned, as confirmed by a source familiar with the matter. In addition, Binance's Global Vice President of Marketing and Communications Steve Milton left the company in June. The recent departure of Senior Director of Investigations Matthew Price further adds to the exodus of executives.

The decisions to leave Binance were reportedly influenced by Binance founder and CEO Changpeng "CZ" Zhao's handling of an ongoing investigation by the U.S. Department of Justice (DOJ). The investigation is said to focus on allegations of Binance attempting to deceive U.S. regulators, as well as potential money laundering and violations of sanctions. Despite the departures, Hillmann tweeted that he was leaving on good terms and continued to respect and support Zhao.

 

Binance is already facing scrutiny from multiple regulators worldwide, and the loss of key executives from its legal and compliance units is expected to complicate the company's defense efforts. In June, the Securities Exchange Commission (SEC) filed a lawsuit against Binance, accusing the exchange of committing securities law violations. Prior to that, the Commodity Futures Trading Commission (CFTC) also filed a lawsuit against the company. Binance is also facing investigations by regulators in Europe and Australia.

These investigations have had an impact on Binance's operations, particularly in the United States. The SEC lawsuit led to the loss of a major European banking partner, and Binance.US announced that it would cease trading in U.S. dollars. Since the publication of Fortune's article, the price of Binance's native cryptocurrency token, BNB, has experienced a slight decline of approximately 2%.