Fluctuation at crypto exchange Binance due to ongoing problems

The problems at Binance, the world’s largest crypto trading platform, continue. In the last nine months, up to ten managers from different departments have left the nest. While it is common for executives to leave the company due to pre-determined contractual obligations, this exodus has caught the attention of the crypto community.

Binance CEO Changpeng Zhao dismissed all rumors about these departures via a Twitter message Fear, uncertainty and doubt (FUD) or “Fear, Uncertainty and Doubt”. CZ emphasizes that some team members will take on larger roles both inside and outside of Binance. According to him, this would also create new growth opportunities for the company.

Crypto community is skeptical about departure

Most departing executives also say that their departure was routine and that they had a good relationship with Binance and the CEO. However, the crypto community remains skeptical since the problems with the collapse of the crypto exchange FTX.

On September 6, several Binance executives announced their resignations. This is Helen Hai, Executive Vice President of Binance, who announced her resignation from her position. On the same day, Gleb Kostarev and Vladimir Smerkis, who both played important roles at Binance, also announced their resignations.

At the beginning of July this year, no fewer than four top managers left the big Binance in one day. This is said to be related to the cryptocurrency exchange’s response to an investigation by the US Department of Justice. At least 10 senior Binance officials have left the company in the past two months.

The Bitcoin exchange Binance is in a difficult situation

Binance has faced many regulatory issues in various countries in recent years. Recently, the American Securities and Exchange Commission (SEC) again sought confrontation, which brought Binance into further difficulties. In a long-running legal dispute, Binance and its founder are accused of fraud. Recently, the SEC asked the judge to seal the files in the case, indicating that the US Department of Justice is considering prosecuting Binance for its criminal activities.

Binance has previously faced major challenges, including the loss of banking partners, the cessation of its operations in the Netherlands, and the discontinuation of the Binance debit card. Despite the problems, Binance remains by far the largest crypto platform in the world.

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