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Binance executives quit as problems mount at crypto firm

PARIS (AFP) – Several top executives have quit cryptocurrency firm Binance, as the company faces a widening net of legal probes across the world.

The firm is one of the biggest left in the crypto industry, which has seen a string of scandals, hacks and thefts and suffered plummeting values across the board.

Two United States (US) financial regulators are suing Binance and reports say the Justice Department is also probing the firm and its boss, Changpeng Zhao, over money laundering and sanctions busting.

A report in Fortune magazine linked the executives’ walkout to Zhao’s handling of those claims.

But Binance’s strategy chief Patrick Hillmann and compliance executive Steven Christie wrote on Twitter that they were leaving for family reasons.


Hillmann wrote that he was leaving “on good terms”, adding that he would “continue to respect and support” Zhao, still a central figure for the industry.

Christie wrote on Friday that his departure was “far less sensational than any article might make it out to be”, saying he had to “start helping around the house, do chores, and start making dinner a few times a week”.

Fortune’s report claimed that Binance had lost several other executives in recent weeks.

Binance did no immediately respond to an AFP request for comment.

The volatile crypto industry surged in 2021 with a range of complex products and celebrity endorsements propelling it to a valuation in excess of USD3 trillion last year.

But a series of scandals including the collapse of the FTX exchange and criminal charges for its executives saw public confidence evaporate.