Binance CEO 'CZ' Brushes Off News of Top Executive Departures

from Binance are part of the company’s usual turnover of staff, Binance CEO Changpeng “CZ” Zhao .

“More FUD about some departures. Yes, there is turnover (at every company). But the reasons dreamed up by the “news” are completely wrong,” CZ tweeted. “As markets and the global environment for crypto changes, as our organization evolves, and as personal situations change, there is turnover at every company.”

The world's largest crypto exchange is facing heat from regulators across the world with the U.S. Securities and Exchange Commission (SEC) filing a lawsuit against the firm and CZ for breaking several securities laws.

Earlier, that high-profile personnel in senior leadership positions, including Chief Strategy Officer Patrick Hillmann and Senior Director of Investigations Matthew Price, had left the company because of CZ’s response to an ongoing investigation by the U.S. Department of Justice. that he was leaving the exchange on good terms and it’s “simply time for me to move on to the next challenge”.

that Yibo Ling, Binance's Chief Business Officer, has left the company, and U.S. staff are being asked to relocate offshore or be laid off.

BNB, Binance’s exchange token, by the SEC in its lawsuit, is down 2.4% at $233.

UPDATE (July 7, 2023, 11:10 UTC): Updates headline. Adds details and background.

Edited by Parikshit Mishra.