![]() The BNB token took a visible hit following the latest development and was trading at $234 at the time of writing. However, CSO Patrick Hillmann took to Twitter to inform everyone that he was leaving the company on good terms and would continue to respect and support Zhao. The Justice Department’s probe is just one of many filed by federal agencies in the United States.īinance or CEO Changpeng Zhao have not put out an official statement addressing the news of the recent departures. As the Financial Times (FT) reported Sunday (July 9), the thefts occurred. payment system reportedly let criminals steal more than 20 million. A person familiar with the matter revealed that the executives blamed their departure on Changpeng Zhao’s handling of the investigation by the US Department of Justice. 14 hours ago &0183 &32 By PYMNTS J A flaw in Revolut’s U.S. 1624796D BINANCE HOLDINGS LTD Private Company The impact of enforcement action against Binance.US is affecting the prices of cryptocurrencies on its exchange, making more difficult for American. BNB Tanks After Top Executives Quit BinanceĪccording to a report by Fortune, senior executives at Binance, including Chief Strategy Officer Patrick Hillmann, Senior Vice President for Compliance Steven Christie, and General Counsel Han Ng, informed the Chief Executive that they were quitting the company. ![]() Their departure comes amid mounting regulatory and legal troubles for the world’s largest crypto exchange. The executives blamed their decision to quit on CEO Changpeng Zhao’s handling of the regulatory inquiries and investigations into the exchange’s operations. The US Securities and Exchange Commission is investigating whether Binance Holdings Ltd. The latest development led to a considerable decline in the platform’s BNB token.Īfter facing severed banking relationships, hostile regulators, and several instances of FUD, multiple senior executives at Binance have reportedly turned in their resignations. Binance Faces US Investigation Over BNB Token. ![]() The departed executives include CSO Patrick Hillmann and Compliance SVP Steven Christie.The executive blamed their decision on CEO Changpeng Zhao’s handling of the investigation by the Justice Department.Several senior executives at Binance have decided to quit the crypto exchange.arm of Binance, the world’s largest cryptocurrency exchange, and two trading firms with ties to Binance’s. agency, filed a civil suit against Binance, alleging, among other details, that the exchange’s employees knew that the cryptocurrency trading platform had facilitated “potentially illegal activities. The Securities and Exchange Commission is examining the relationship between the U.S. In late March, the Commodity Futures Trading Commission, a U.S. federal prosecutors asked Binance, the world's largest cryptocurrency exchange, to provide extensive internal records about its anti-money laundering checks. The Canadian authority’s investigation into Binance is not the only regulatory or legal action against the company to have publicly emerged in the past few months. “We will vigorously defend our business, the crypto community, and the industry against this action,” added the Binance spokesperson. It was unclear how much of the company’s announced departure was due to the securities regulator’s recent rule-making, and whether the OSC’s investigation into the exchange added further impetus for an exit. Binance’s decision to leave stood out, however, given the company’s size and because Zhao had grown up in Canada. The cryptocurrency giant’s general counsel, head of investigations and chief. By September 2021, that investigation had been expanded to include allegations of insider trading. 14 hours ago &0183 &32 Binance has reportedly seen several executives depart amid fears of a U.S. markets in early 2021, according to a report from Bloomberg at the time. Two months later, stablecoin-maker Paxos, decentralized exchange dYdX, and other crypto companies announced exits from the country. The CFTC first began investigating Binance over allegedly unlawful trading practices in U.S. Binances French unit is under investigation by local authorities for the 'illegal' provision of digital asset services and 'acts of aggravated money laundering,' the Paris public prosecutors.
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