![]() ![]() Perhaps self-servingly, the source described the conversations between the SEC and CFTC as not particularly fruitful, arguing that the final decision about who gets what authority will likely fall in law-makers’ hands. It’s of note that while ethereum itself wasn’t included in the list of nine assets the SEC said was a security in its insider trading allegations against former Coinbase employee, his brother and his friend, the SEC specifically mentioned each of the assets were created on the ethereum blockchain. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website.Evidence that the situation might be changing started to emerge in June when Gary Gensler, the SEC chairman, implied that ethereum was a security when he said bitcoin was the only cryptoasset he was comfortable calling a commodity. None of the information on this website is investment or financial advice. This ongoing saga at Binance underscores the challenges faced by cryptocurrency exchanges in navigating the complex regulatory landscape, and the impact it can have on their leadership teams. He also clarified that the executives did not resign within the same week, accusing the media of exaggerating the situation. But the reasons dreamed up by the ‘news’ are completely wrong.” He emphasized that turnover is a natural occurrence at any company as the crypto market and global environment evolve and personal situations change. CZ’s Take on the Executive TurnoverĬZ took to Twitter to address the situation, stating, “Yes, there is turnover (at every company). In response to the rumors of mass layoffs at Binance, Hillman refuted the claims, stating that the company was not “rightsizing” but merely “reevaluating roles” as part of a regular “talent density audit.”ĬZ, known for his cryptic responses, addressed the reports of executive departures with the number ‘4’ – a term he coined to dismiss FUD surrounding his exchange. Despite his departure, Hillman expressed his ongoing respect and gratitude for the opportunity to work under CZ’s leadership. Hillman confirmed his exit from Binance via Twitter, stating, “It’s true that I am leaving Binance, but I’m doing so on good terms.” He attributed his decision to personal reasons, including the impending birth of his second child. In May, he criticized Reuters for suggesting that Binance was blending client funds with its corporate treasury. ![]() Before his departure, Patrick Hillman was often at the forefront of these counter-narratives. Binance’s Defense Against Allegationsīinance has consistently refuted such allegations, both from regulators and the media. The SEC also alleges that Binance violated sanctions laws. platforms and other firms under CZ’s control. Last month, the SEC filed a lawsuit against Binance, accusing the company of mishandling client assets across its international and U.S. An insider, who chose to remain anonymous, revealed to Fortune that these departures directly responded to CZ’s handling of the Justice Department’s investigation into his conduct and the operations of his exchange.Ĭheck out our weekly crypto and fintech newsletter here! Follow CryptoMode on Twitter, Youtube and TikTok for news updates! These high-profile exits follow the recent resignation of Matthew Price, a former IRS agent who served as Binance’s Global Head of Intelligence and Investigations. Alongside Hillman, Han Ng, the General Counsel, and Steven Christie, the Senior Vice President for Compliance, have also announced their departure from Binance this week, as reported by Fortune. Patrick Hillman, the former Chief Strategy Officer, has publicly confirmed his exit from the company. Key Binance Executives Confirm Their Exit This mass departure comes amidst the company’s ongoing legal battle with the Securities and Exchange Commission (SEC) and a concurrent investigation by the Justice Department into its CEO, Changpeng Zhao, commonly known as CZ. In a surprising turn of events, Binance, a leading cryptocurrency exchange, is witnessing a significant exodus of top-tier executives. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |