TL;DR
- Binance is one of the most troubled crypto companies in 2023, with multiple lawsuits and FUD problems lying on their backs.
- As of January 1st, ten top executives, including Patrick Hillmann from different branches, have left the company.
Binance Loses Executives Faster Than They Can Afford To
Binance, the top global crypto exchange by trading volume, witnessed the exit of 10 crucial executives.
At the start of Q3 2023, Binance already lost the heads of various activity sectors, including marketing and intelligence.
It’s common for executives to move on based on their contractual terms or market opportunities. However, the sheer number of top figures departing Binances has stirred discussions in the crypto sphere.
Binance has been hit with several lawsuits, the most prominent one coming from the CFTC.
The governmental entity accused Binance of operating an illegal exchange and a sham compliance program.
Recently, Helen Hai, Binance’s Executive VP, decided to step down on September 6.
Gleb Kostarev, the VP overseeing Eastern Europe, Turkey, the CIS, Australia, and New Zealand, joined her on the same day.
Vladimir Smerkis, the General Manager for Russia and CIS, also announced his resignation.
A Complete List of Departed Executives
Here is the complete list of all key Binance executives who departed in 2023:
- Helen Hai, on September 6
- Vladimir Smerkis on September 6
- Gleb Kostarev on September 6
- Mayur Jamat, Product Lead, on September 4
- Leon Foong, Head of Asia-Pacific, on August 31
- Steven Christie, Senior VP for Compliance, on July 7
- Patrick Hillmann, Chief Strategy Officer, on July 6
- Han Ng, General Counsel, on July 6
- Steve Milton, Global VP of Marketing and Communications, on July 6
- Matthew Price, Senior Director of Global Investigations and Intelligence, on July 6
Notably, four of these high-ranking individuals left the same day, following the exchange’s stance on the US DOJ’s probe.
A report by Fortune suggested dissatisfaction among these executives with Binance’s response.
Nevertheless, Binance’s CEO downplayed these claims, characterizing them as merely propagating fear, uncertainty, and doubt.
What Is Binance’s Response?
On September 6, CZ voiced his thoughts on X, addressing the buzz surrounding this situation.
Binance’s CEO mentioned that many Binance team members are advancing to higher roles. Some of them have taken on roles outside the company.
Most of these departing executives have said that their exits were standard procedures, and they continue to maintain a healthy relationship with Binance.
Nonetheless, the border crypto community has Grown more cautious of exchanges, especially after the FTX downfall.
Historically, Binance has encountered regulatory challenges in numerous countries. To navigate those, the exchange hired several ex-government officials and compliance experts.
However, a significant number of these professionals parted ways with the crypto exchange in 2023.
So, is the departure of numerous top executives a sign of Binance falling apart? Maybe…
Suchet Salvesen
Suchet is a Norwegian economist, entrepreneur, and investor, serving as the CFO and COO of Brainfund. With over a decade of experience in global expansion, venture capital, and emerging technologies, he earned his MBA from the NMBU School of Business & Economics. He held dual bachelor's degrees from the University of South-Eastern Norway. His career spans roles at NextToMe, Get, and Conax before joining Everipedia, now Brainfund, in 2017.
