For the longest time, Binance has been in the news for one negative thing or the other. Recently the crypto exchange was accused of losing three of its top executives this week, including Chief Strategy Officer and General Counsel.
But the CEO of the largest crypto exchange in the world, Changpeng Zhao, has taken it upon himself to clear the air surrounding the new development. He called the news of "three or four top executives leaving" false.
In a long lengthy post on Twitter, the Binance CEO made a case for his company, illustrating how they have become targets of FUD from the media. However, he noted that Binance FUD won't stop the crypto exchange from moving forward.
What Happened?
Earlier this week, it was reported by several news platforms that Binance lost several top employees due to their current legal issues. Particularly, a report by Fortune said Binance’s CSO Patrick Hillmann, General Counsel Han Ng, and Senior Vice President for Compliance Steven Christie wrote their resignation letter this week.
According to the reports by Fortune, they claimed the top executives at Binance resigned because they weren't satisfied with how Changpeng Zhao was handling their regulatory lawsuit from the Securities and Exchange Commission.
But several counter-reports coming directly from the affected employees suggests a different scenario. Apparently, Binance’s CSO Patrick Hillman has made a post suggesting that the reports from several news media are lies.
Despite Binance regulatory issues, Hillman confirmed on Twitter that he left the crypto exchange on a good note. He said he was ready to move on with his next challenge in life. He didn't fail to pledge his loyalty and support for Binance, saying he will continue to acknowledge what Changpeng Zhao is building.
Binance CEO Fumes Over Wrong Reports
Changpeng Zhao didn't fail to clear the air on Twitter, where he said there was a Binance FUD targeted against the crypto exchange by the media.
"More FUD about some departures. Yes, there is turnover (at every company). But the reasons dreamed up by the “news” are completely wrong," CZ Binance said on Twitter.
While speaking about the new situation, CZ Binance didn't fail to take the public through the crypto exchange's incredible journey to become the largest trading platform in the industry.
Changpeng Zhao reiterated how the exchange has grown from only him to more than 8,000 employees. He also mentioned that Binance is responsible for protecting its users despite the media campaign against it.
Finally, CZ pointed out the reason for the changes among their top executives. He highlighted the yearly turnover as the reason, saying that resignations resulted from the evolving crypto exchange and employees' personal reasons. The Binance CEO didn't fail to thank the company's ex-employees for helping the crypto exchange reach new levels.
"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," CZ Binance said on Twitter.