Binance boss brushes off senior departures as 'FUD'

Quick Take

  • Binance CEO Changpeng Zhao tweeted that media outlets “dreamed up” the reasons behind the departures.
  • Patrick Hillmann, who was chief strategy officer at Binance, said he’s leaving the company “on good terms.”

Binance chief Changpeng Zhao branded reports surrounding the departures of senior executives “FUD,” claiming they are simply part of normal staff turnover.

Zhao, co-founder and chief executive officer of the crypto exchange operator, tweeted Friday morning Asia time that the causes of the departures were “dreamed up” by news outlets and were “completely wrong.” FUD is a commonly-used term in the crypto community referring to fear, uncertainty and doubt.

“As markets and the global environment for crypto changes, as our organization evolves, and as personal situations change, there is turnover at every company. We thank all of our ex-team members for their contributions to our growth, and wish them all the best. We also congratulate our team members who have grown into these new roles. They are all truly high caliber,” Zhao wrote in the tweet.

Senior execs depart

A number of senior executives, including general counsel Han Ng, chief strategy officer Patrick Hillmann and SVP for compliance Steven Christie, have informed Zhao of their departure this week, Fortune reported Thursday, citing sources.

Fortune also reported that the world’s largest cryptocurrency exchange is in full-on turmoil amid Justice Department investigations, with a mini-exodus of senior officials adding to the pressure.

Hillmann tweeted Thursday that he is parting ways with the company but “on good terms.”

“I’ve been here for two years and it’s simply time for me to move on to the next challenge,” Hillmann said, adding that his family was about to welcome a newborn and it was the right time to step aside.

Binance said it didn't have anything further to share when contacted by The Block earlier today.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.