Bloomberg found out about the layoffs of several top managers of Binance at once

Bloomberg found out about the layoffs of several top managers of Binance at once

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Author: Robert Strickland (crypto-journalist)
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Bloomberg found out about the layoffs of several top managers of Binance at once
Bloomberg's sources informed about the layoffs of several top managers of cryptocurrency Binance at once
Changpeng Zhao, head of the cryptocurrency exchange, said the company continues to recruit employees

The head of cryptocurrency exchange Binance, Changpeng Zhao, tried to defend the platform after top executives who helped the company deal with the growing regulatory crisis left. He noted that hiring continues, Bloomberg reported, citing its own sources.

Binance Chief Strategy Officer Patrick Hillmann, who joined the company in 2021, wrote on Twitter that he was leaving the company while remaining "on good terms." The crypto exchange's senior vice president of compliance Stephen Christie and general counsel Hong Ng also quit, a source familiar with the situation told Bloomberg.

"We continue to build and continue to hire staff," Zhao wrote on Twitter amid the layoffs, which raised new questions about the outlook for the crypto-exchange, which has recently faced increasing scrutiny in the United States, Europe, and Asia-Pacific.

The head of Binance has repeatedly had to confront what he calls "FUD" - or fear, uncertainty, and doubt - amid the crypto exchange's declining share of spot crypto trading volumes, as officials have increased pressure on the site, the agency stressed.

 

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