Exodus From Binance Accelerates—Time To Move Your Funds?

Things seem to be deteriorating rapidly at Binance. …

Following the fallout from a regulatory lawsuit filed by the United States Securities and Exchange Commission (SEC), key executives at the world’s biggest centralized exchange are leaving the company en masse.

Binance.US suspended USD withdrawals for U.S. clients last month, though sources indicate that the U.S. subsidiary of Binance has reached a tentative deal with U.S. regulators to prevent a total shutdown.

While this is not investment advice, and you should always do your own research before making any market moves, now might be the time to pull your funds from Binance.

WhaleWire provided several critical updates on the recent string of departures from the company:

Nearly 75% of #Binance's executives have quit in the last year, including CZ, the CEO & Founder.

But don't worry, they say your "funds are SAFU". All the insiders dumping their bags and getting as far as way as possible surely doesn't mean anything bad…

— WhaleWire (@WhaleWire) July 7, 2023

JUST IN: Multiple senior #Binance executives have resigned from the company.

The individuals include Han Ng, the General Counsel; Patrick Hillmann, the Chief Strategy Officer; and Steven Christie, the SVP for Compliance.

— WhaleWire (@WhaleWire) July 6, 2023

CoinDesk reports:

Binance General Counsel Han Ng, Chief Strategy Officer Patrick Hillmann, and Senior Vice President for Compliance Steven Christie are among those that have resigned, a source familiar with the matter told Fortune.

In addition, Binance’s Global Vice President of Marketing and Communications Steve Milton left the company in June, according to his LinkedIn profile. Their departure follows Senior Director of Investigations Matthew Price’s recent decision to part ways with the exchange.

Changpeng Zhao responded to the exodus of high-level executives and key figures from the firm by stating: “As markets and the global environment for crypto changes, as our organization evolves, and as personal situations change, there is turnover at every company.”

Binance CEO Addresses Departure of Senior Executives Amid Regulatory Pressure
"As markets and the global environment for crypto changes, as our organization evolves, and as personal situations change, there is turnover at every company." –@cz_binance. pic.twitter.com/ICK8FPs0eX

— MonsterGirl (F4F💯互FO) (@MonsterGirlV) July 7, 2023

Bein Crypto added:

BNB price has lost 24% since the SEC filed its lawsuit in early June.

The asset remains 66% down from its all-time high. However, this is much better than most of the altcoins that are still languishing 80-90% down from their peaks.

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.