Binance CEO 'CZ' Brushes Off News of Top Executive Departures

Departures of key executive personnel from Binance are part of the company’s usual turnover of staff, Binance CEO Changpeng “CZ” Zhao tweeted Friday morning.

“More FUD about some departures. Yes, there is turnover (at every company). But the reasons dreamed up by the “news” are completely wrong,” CZ tweeted. “As markets and the global environment for crypto changes, as our organization evolves, and as personal situations change, there is turnover at every company.”

The world's largest crypto exchange is facing heat from regulators across the world with the U.S. Securities and Exchange Commission (SEC) filing a lawsuit against the firm and CZ for breaking several securities laws.

Earlier, Fortune reported that high-profile personnel in senior leadership positions, including Chief Strategy Officer Patrick Hillmann, Senior Director of Investigations Matthew Price and SVP for Compliance Steven Christie had left the company because of CZ’s response to an ongoing investigation by the U.S. Department of Justice. Hillman tweeted that he was leaving the exchange on good terms and it’s “simply time for me to move on to the next challenge," while Christie tweeted that he has "nothing but respect for the highly talented individuals that dedicate themselves to doing the right thing" at Binance and that it was just time to take some time off for him and his family.

Bloomberg also reported that Yibo Ling, Binance's Chief Business Officer, has left the company, and U.S. staff are being asked to relocate offshore or be laid off.

BNB, Binance’s exchange token, which has been called a security by the SEC in its lawsuit, is down 2.4% at $233.

UPDATE (July 7, 2023, 11:10 UTC): Updates headline. Adds details and background.

UPDATE (July 7, 2023, 16:31 UTC): Updates with tweet from Steven Chrstie.