Changpeng ‘CZ’ Zhao, the Chief Executive Officer (CEO) of Binance, has recently addressed reports and speculations surrounding the departure of senior executives from the crypto exchange.
In a Twitter post, Zhao stated branded these reports as FUD (Fear, Uncertainty, and Doubt), asserting that they are nothing more than part of the normal staff turnover experienced by any organization.
As the crypto community grapples with inaccurate information, Zhao’s unwavering stance aims to provide clarity and set the record straight.
The Dynamics of Staff Turnover
Staff turnover is a normal and widespread phenomenon in the business world, affecting businesses in all industries. Employees leave for a variety of reasons, such as personal professional advancement, new opportunities, or changes in their personal situations.
This issue is especially noticeable in the technology and finance sectors, where competition for talent is severe and professionals are frequently sought after by multiple businesses.
Binance Has Deep Commitment to Growth
Despite the turnover, Binance remains resolute in its commitment to progress and expansion. Zhao affirms that the company continues to build and adapt to the changing crypto landscape. This includes ongoing efforts to hire talented individuals who will contribute to the company’s continued growth and success.
Recently, news has surfaced regarding the departure of several senior executives from Binance, General Counsel Han Ng, Chief Strategy Officer Patrick Hillmann, and Senior Vice President for Compliance Steven Christie have reportedly informed Zhao of their decision to leave the company, according to Fortune’s sources.
In a tweet, Patrick Hillmann confirmed his departure from Binance, stating that he is leaving the company on good terms. He explained that after spending two years at Binance, he feels it is time to take on a new challenge.
Additionally, the report also suggests that these departures are contributing to a sense of turmoil within Binance, particularly as the exchange faces investigations by the U.S. Department of Justice.
It is worth noting that the update comes shortly after Binance.US reportedly dismissed nearly 50 employees in June. The employees who have been asked to leave are said to be from Binance.US’s legal, compliance, and risk teams.