Binance, the world’s leading cryptocurrency exchange by trading volume, has seen 10 key executives from various departments depart in the first nine months of 2023. While corporate executive departures are the norm under pre-set contractual obligations, the growing regulatory concern over the number of executives leaving Binance has been a key topic in the cryptocurrency community.
The latest to join the list is Helen Hai, executive vice president of the cryptocurrency exchange, who announced her resignation on Sept. 6. On the same day, Binance Eastern Europe, Turkey, Commonwealth Vice President Gleb Kostarev Independent Countries, Australia and New Zealand General Manager Vladimir Smerkis (Vladimir Smerkis) also announced his resignation.
List of key executives leaving Binance in 2023:
- September 6, 2023: Helen Hai, executive vice president and head of global legal currency business at Binance, announced her resignation.
- September 6, 2023: Vladimir Smerkis, general manager of Binance Russia and CIS, announced his departure.
- September 6, 2023: Binance Eastern Europe, Turkey, CIS, Australia and New Zealand Vice President Gleb Kostarev announced his resignation.
- September 4, 2023: Binance product head Mayur Kamat announced his resignation.
- August 31, 2023: Leon Foong, Head of Binance Asia Pacific, Announce Resign.
- July 7, 2023: Steven Christie, Senior Vice President of Compliance at Binance, Announce Resign.
- July 6, 2023: Binance chief strategy officer Patrick Hillmann (Patrick Hillmann) Announce Resign.
- July 6, 2023: Han Ng, Binance General Counsel, Announce Resign.
- July 6, 2023: Binance Global Vice President of Marketing and Communications Steve Milton announced his resignation.
- July 6, 2023: Matthew Price, senior director of global investigations and intelligence at Binance, announced his resignation
According to reports, all four of Binance’s top executives left on the same day that Binance left. reply Referral to the Department of Justice for investigation. A Fortune report said the executives were not pleased with the cryptocurrency exchange’s response. However, Binance CEO Changpeng Zhao refuted all such reports labeling it “FUD.”
4. More FUD on some flights. Yes, there is turnover (every company). But the reason the “news” made up is completely wrong.
As an organization that grew from 30 to 8,000 people in 6 years, from 0 to the world’s largest crypto exchange in less than 5 months…
— CZ Binance (@cz_binance) July 6, 2023
On September 6, Zhao took to X (formerly Twitter) to respond again to the growing discussion surrounding the departure of key executives. Retweeting Cointelegraph’s report on Kostarev’s exit, Zhao said that many members of Binance are taking on more important roles, some of them outsiders, as is Binance.
Some of our team members are growing into larger roles, some are external #Binance. Some are on new and exciting adventures. I even made introductions/references for many of them. We support everyone. We are a community.
This also creates more opportunities for growth…
— CZ Binance (@cz_binance) September 6, 2023
Cointelegraph reached out to Binance to ask about community concerns about the executive’s departure, but Binance said it had no comment to provide.
related: Binance.US Suspends Trading of Dozens of USDT, BTC, BUSD Pairs Due to SEC Lawsuit
Most of the executives who left cryptocurrency exchanges said their departures were routine and that they had good relationships with the exchanges and their CEOs. However, after the FTX debacle, the crypto community became more skeptical of the exchange.
Binance has faced regulatory issues in more than a dozen countries over the years. The cryptocurrency exchange has hired a number of former government officials and compliance officials to help it ease regulatory complexities, however, by 2023, many of these executives have left the cryptocurrency exchange.
Magazine: Crypto Regulation: Does SEC Chairman Gary Gensler Have the Final Word?
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