YEREVAN (CoinChapter.com) – Binance regulatory troubles with the Securities and Exchange Commission (SEC), as well as the Commodity Futures Trading Commission (CFTC), led to a cascade of resignations among top executives this week, allegedly over CEO Changpeng Zhao’s handling of the investigations.
Sources within the company told Fortune that the departures follow the recent exit of Matthew Price, a former IRS agent whom Binance hired in 2021 to oversee global investigations and intelligence.
General Counsel Han Ng, chief strategy officer Patrick Hillmann, and SVP for Compliance Steven Christie simultaneously leaving the company could present a myriad of additional problems for Zhao.
According to a source at Binance familiar with the situation, the executives allegedly chose to depart over “Zhao’s response to an ongoing investigation by the Department of Justice” (DOJ).
A former SEC official has reported that a DOJ investigation was underway for over a year. It relates to Binance’s attempts to circumvent US laws and regulations, as well as alleged money laundering and sanctions violations on the company’s platform.
~This article is to be updated ~
