Changpeng Zhao On Departure Of Key Binance Executives: Dreamed Up Reasons By News Are 'Completely Wrong'

Changpeng Zhao, popularly known as ‘CZ' dismissed the reports stating the departure of key executive personnel from cryptocurrency exchange Binance. 

What Happened: In a series of tweets, CZ addressed the speculation, referring to it as “FUD,” or fear, uncertainty, and doubt.

This comes after Bloomberg and Fortune reported that Chief Strategy Officer Patrick Hillmann, Senior Director of Investigations Matthew Price, and Chief Business Officer Yibo Ling have all left the company.

According to CZ, departures of personnel are part of the normal turnover experienced by any company. "Yes, there is turnover (at every company). But the reasons dreamed up by the "news" are completely wrong."

4. More FUD about some departures. Yes, there is turnover (at every company). But the reasons dreamed up by the "news" are completely wrong.

As an organization that has grown from 30 to 8000 people in 6 years, from 0 to the world's largest crypto exchange in less than 5 months…

— CZ 🔶 Binance (@cz_binance) July 6, 2023

These departure reports have prompted speculation about the reasons behind their exits, with some linking them to Binance CEO Zhao’s response to an ongoing investigation by the U.S. Department of Justice.

Zhao emphasized that the reasons suggested by the media are completely wrong. He said

Binance has grown from a team of 30 to more than 8,000 employees in just six years and remains the world’s largest crypto exchange since its founding.

Meanwhile, Bloomberg reported that the U.S.-based Binance staff are being asked to relocate offshore or face potential layoffs.

Zhao added, "We continue to BUILD, and continue to hire."

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Why It Matters: Regarding his departure from Binance, Hillman said on Twitter that he left the exchange on good terms and stated that it was simply time for him to move on to the next challenge. 

"Definitely false, only one this week. They exaggerate everything," CZ said while responding to a tweet.

Price Action: At the time of writing, Bitcoin BTC/USD was trading at $30,219, down 1% in the last 24 hours, according to Benzinga Pro.

Photo Courtesy: Wikimedia Commons

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