Spirit of Leviathan Strangles Binance
- 3 Executive Staff resigned
- The World vs Binance
- Summary of Exits, License Revocation & Legal battles
Binance's battle against the spirit of Leviathan's stronghold: License cancellations, bans, lawsuits, and controversies - Will they emerge victorious or succumb to the depths?
Binance lost its three pillars
Several high-ranking executives have stepped down from cryptocurrency exchange Binance this week as the company gears up to address various challenges. According to Fortune, Binance's General Counsel Han Ng, Chief Strategy Officer Patrick Hillmann, and Senior Vice President for Compliance Steven Christie have resigned, as confirmed by a reliable source. Additionally, Binance's Global Vice President of Marketing and Communications, Steve Milton, left the company in June, as indicated on his LinkedIn profile. These departures come in the wake of Senior Director of Investigations Matthew Price's recent departure from the exchange.
The recent departures of Ng, Hillmann, and Christie from Binance were influenced by Binance CEO Changpeng "CZ" Zhao's handling of the ongoing investigation by the U.S. Department of Justice, as per an insider cited by Fortune. The investigation is said to revolve around allegations of Binance's attempts to deceive U.S. regulators, as well as potential money laundering and violations of sanctions. However, Hillmann clarified in a tweet on Thursday that his departure was amicable and expressed his ongoing respect and support for Zhao.
Popular Bitcoin Maximalist Dylan Leclair's view
THE WORLD VS BINANCE
As Binance faces investigations from regulators worldwide, the departure of key executives from its legal and compliance teams adds further complexity to its defense strategy. In June, the Securities Exchange Commission (SEC) filed a lawsuit against Binance, accusing the exchange of multiple violations of securities laws. Prior to that, the Commodity Futures Trading Commission (CFTC) also filed a lawsuit against the company. In addition, regulatory authorities in Europe and Australia are conducting their own investigations into Binance's operations.
The investigations into Binance have had a significant impact on its operations, both domestically and internationally. U.S. regulators have raised concerns about the close relationship between the exchange's U.S. and international trading arms. Following the SEC lawsuit, Binance experienced the loss of a key European banking partner, and its subsidiary Binance.US announced the discontinuation of trading in U.S. dollars. These developments highlight the challenges faced by Binance in the face of regulatory scrutiny.
Summary of Exits, Lawsuits & Bans
NIGERIA: SEC bans "Binance"
NETHERLAND: Exited due to regulatory issues
AUSTRIA: Withdrew License Application
AUSTRALIA: Cancels Binance
BELGIUM: Bans Binance
CANADA: Exited due to tight regulation
US SEC - 13 charges
SEC's 13 Charges against Binance
SEC.gov _ SEC Files 13 Charges Against Binance Entities and Founder Changpeng Zhao
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Will Binance Break out of this stronghold? Will they make it to 2024's Bullrun? Only time will tell! Until then practice safe CEX😉.
Reference
Napolitano, E. (2023) Top binance execs leave company over CZ’s handling of DOJ investigation: Report, CoinDesk Latest Headlines RSS. Available at: https://www.coindesk.com/business/2023/07/06/top-binance-execs-leave-company-over-czs-handling-of-doj-investigation-report/?ref=coingecko (Accessed: 07 July 2023).