CZ denies reports of top executives leaving after SEC lawsuit
“More FUD about some departures. Yes, there is turnover (at all companies). But the reasons dreamed up by the “news” are completely wrong, CZ tweeted. “As markets and the global crypto environment change, as our organization evolves, and as personal situations change, there is turnover in every company.”
The world’s largest crypto exchange is facing heat from regulators around the world, with the US Securities and Exchange Commission (SEC) filing a lawsuit against the firm and CZ for violating multiple securities laws.
Earlier, Fortune reported that high-profile senior personnel, including Chief Strategy Officer Patrick Hillmann and Senior Director of Investigations Matthew Price, had left the company due to CZ̵[ads1]7;s response to an ongoing investigation by the US Department of Justice. Hillman tweeted that he left the stock exchange on good terms and it is “just time for me to move on to the next challenge”.
Bloomberg also reported that Yibo Ling, Binance’s Chief Business Officer, has left the company, and US employees are being asked to move offshore or be laid off.
UPDATE (July 7, 2023, 11:10 UTC): Updates the header. Adds details and background.
