Binance is facing a turbulent period marked by a series of high-level executive resignations.
The most recent departures include Head of Legal and Chief Risk Officer at Binance.US.
In the midst of mounting regulatory challenges, Binance, the world’s largest cryptocurrency exchange, is grappling with a wave of high-level executive resignations. Over the past two months, the exchange has seen a series of key departures, throwing its management and strategic stability into question.
The latest exits come from Binance.US, where Head of Legal Krishna Juvvadi and Chief Risk Officer Sidney Majalya have announced their resignations. This follows the departure of Binance.US CEO Brian Shroder, as well as a significant reduction in the workforce, reflecting the challenges faced by the US arm of the exchange.
On the global front, Binance has witnessed the departure of several senior figures, including General Counsel Hon Ng, Chief Strategy Officer Patrick Hillmann, and SVP for Compliance Steven Christie.
Further, Matthew Price, a former IRS agent brought on board by Binance in 2021 to oversee global investigations and intelligence, has also recently left the company. These high-profile departures raise concerns about Binance’s ability to navigate the increasingly complex regulatory landscape.
Since June, when the U.S SEC filed a civil complaint against the largest crypto exchange, Binance has found itself under pressure. This intensified scrutiny has led to ongoing regulatory investigations in the severance of crucial banking relationships on a global scale. Also, the resignations from key legal and compliance units, which are the front lines in dealing with regulators, further intensify the pressure on the embattled exchange.