Exodus From Binance Accelerates—Time To Move Your Funds?

July 7, 2023 11:36 am Comments

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:

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.”


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.

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