Sirwin
Sirwin

Binance FUD Increases as Key Executives Exit the Company

By Cje95 | Chronic Illness and Crypto | 11 Jul 2023


To be honest just as it seemed that we were going to get a lull in the ongoing Binance saga an unexpected turn and reinvigorated the attention being paid to the exchange and its founder CZ. While this all could certainly just boil down to FUD as CZ has claimed it is the sheer number and the high-level nature of these departures that are a pretty standard sign of issues within a company. Not only are they high leveled people but they each are within a different critical role when it comes to the regulation side of Binance and Binance US. Han Hg served as general counsel, Patrick Hilmann as chief strategy officer Patrick Hilmann, and Steven Christie as SVP for Compliance. Those are three different segments of the company so it is not like a certain department is getting overhauled it is an across-the-board type of thing. 

 

These big departures follow one that briefly was big news but quickly faded away and that was the departure of Matthew Price who was the Global Head of Intelligence and Investigations. Price had a long history of working in the IRS and even a few years with the CIA left the company earlier this year in a way that really has not fully been explained. At least from the outside looking in it would appear that Price likely found or saw things that he knew would not end well and rather than stay with a sinking ship he bailed out so that he wouldn't get caught up in the lawsuits and charges that have emerged over the last couple of months. 

 

All four of these people have one thing in common that made them a huge asset to Binance... deep roots in Washington, DC so losing them even on good terms and during a time of uncertainty is a huge blow. Rumors have also come out over the years about CZ and how differently he operates and while that is not necessarily a bad thing when you try and mix his way of thinking and reasoning with DC thinking it isn't something that I would expect would mix well. Naturally when things are going well this can easily be patched up or covered up but as soon as things go sideways it would rear its ugly head and these people's views and the way they do their jobs just would not work. It boils down to differing philosophies. 

 

CZ's way of operating has previously gotten him and Binance in trouble. Let's not forget the whole headquarter issue that during the Pandemic was more understandable than it is now. He has also been someone who has really led the company and swayed crypto markets from his Twitter account. Others have since followed this path with the most visible one being Elon Musk but CZ really led the way and pioneered this practice. Again this is not something that is likely to translate well into an office environment esp. with regulators wary of the industry overall which only would make these people's jobs that much harder.  

 

Only time will tell if this turns out to be true FUD or if Binance and Binance US have issues and they are starting to unravel. Since the US crackdown, we have seen Australia launch investigations, Binance pulling out of Canada, and Germany rejecting their license. After a string of wins, last year Binance has entered choppy waters. This has only gotten worse with department leaders being the ones leaving the company and not regular staff creating a void at the top and a lack of DC ties that these people brought. 

 

 

 

Please know I am not a financial advisor and make sure you do your own research! If you enjoyed this article and would like to support me further below are a few referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_

 

Openfabric AI

Openfabric AI is Layer 1 solution focused on building and connecting decentralized Artificial Intelligence applications. Currently gearing up to launch its Beta Testnet currently users can complete missions to earn gems which in the future will be exchanged for X amount of Openfabric AI's token! If you would like to start your journey in this space please use my referral link here and go earn your gems! 

 

Robinhood

Robinhood is offering an excellent signup deal if you use my link here where we will both be awarded free stock. All that you have to do is sign up and connect your bank account for the award! With commission-free crypto trading and the ability to set limit orders, it is a great hybrid offering in my opinion! Not to forget the addition of wallets and the ability to send and receive crypto!

 

Fold App

Offers daily wheel spins to win free sats daily! If you sign up for Fold with my link here you will get 20,000 sats for free!  

 

Unstoppable Domains

Sign up using my link here and get a free $10 credit towards your first $40+ purchase!

How do you rate this article?

35


Cje95
Cje95

Graduated from Texas A&M in May of 2020 had dabbled in crypto since 2017 but dove in at the end of 2019. December of 2020 packed up and moved to D.C.! Huge sports fan, space nerd, and international newsreader! Follow me on Twitter @Cje95_


Chronic Illness and Crypto
Chronic Illness and Crypto

Cryptocurrency and Blockchain are going to be a huge part of the future and no matter who tries it isn't going to be stopped! Here I try to give my best insight and thoughts into the latest crypto news, features, developments. Further, I look to discover any link to news from the United States ranging from social-political issues to stock market and economic data.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.