Hillmann will likely be replaced by Brad Jaffe, the current VP of Communications.
Eleanor Terrett, a reporter for Fox Business reported about the new role.
Binance, the largest cryptocurrency exchange in the world, has long been a prime focus of regulatory attention in the United States. It was suggested that the abrupt departure of numerous key executives from the US branch of the exchange was related to aggressive enforcement activities, especially by the SEC.
While some have made it clear they are not going for such reasons, others have not. General Counsel Han Ng, Chief Strategy Officer Patrick Hillmann, and Senior VP of Compliance Steven Christie have all announced their plans to leave the firm.
Christie said he needs a break to spend time with his family, while Hillmann claimed he was going on good terms. In the meanwhile, it has been theorized that Hillmann’s successor has been found at Binance.
Struggle Continues
Eleanor Terrett, a reporter for Fox Business, claims the cryptocurrency exchange may have found Patrick Hillmann’s successor. Hillmann will likely be replaced by Brad Jaffe, the company’s current vice president of Communications. Meanwhile, the replacement of Steve Christie, the exchange’s VP of compliance, is still apparently being sought out.
Binance CEO Changpeng Zhao was quoted earlier on the growing panic about the abrupt withdrawals. He called the unexpected events a ‘turnover’ and connected them to the SEC case that was recently filed. Binance recently exited the Netherlands as it was denied a VASP license.
Bitcoin’s price resiliency, however, is a key lesson from the current governmental assault on the crypto sector in the United States. Although the value of crypto assets fell following the resignation announcement, the loss was rather minor. At the time of writing Bitcoin is trading at $30,286 and is up 0.80% in the last 24 hours as per data from CMC.