Upheaval at Binance: Chief strategist quits, and directors give the go-ahead


Binance is feeling quite a bit of turmoil as Patrick Hillmann, the company’s chief strategist, announces his departure. According to reports, other compliance directors in the United States are also resigning, fueling rumors and uncertainty surrounding the situation.

Mysterious circumstances of the decision

On July 6, Patrick Hillmann, who served as Binance’s chief strategist for two years, used Twitter to announce his departure. “I’m leaving Binance, but I’m doing it on good terms.” – he wrote, without providing further details.

In an interview later, Hillmann revealed that it was simply time to take on a new challenge. He also said he was expecting the birth of his second child, which hastened his decision to leave. His resignation has generated even more interest due to the difficulties Binance is currently experiencing.

Patrick Hillmann’s tweet was a direct response to an article in Fortune, which suggested that a number of Binance executives, including Hillmann, were leaving the company. This was allegedly in response to CEO Changpeng Zhao’s (CZ) actions during an investigation by the US Department of Justice. The article cited an inside source.

Rebellion on the board of Binance?

In addition to Hillmann, General Counsel Han Ng and Senior Vice President of Compliance Steven Christie have also decided to leave the exchange, which only confirms the atmosphere of unrest inside Binance. Reacting to the reports, Changpeng Zhao commented on the issues on Twitter, calling them “FUD” and maintaining that the reasons for the departures are false and completely untrue.

In a separate report, citing its sources, Bloomberg reported that Eleanor Hughes, Binance’s former head of legal affairs for Asia-Pacific and the Middle East and North Africa, will take over as general counsel. She will replace the outgoing Han Ng. Noah Perlamn, who joined the company as chief compliance officer in February, will remain in his position.

Binance with a list of serious allegations

In addition to internal personnel changes, Binance is also facing an investigation by the U.S. Department of Justice for allowing Russians to use the exchange in violation of U.S. sanctions.

In June, the Securities and Exchange Commission (SEC) filed a lawsuit against Binance, alleging, among other things, offering unregistered securities and misusing customer funds. In addition, in March the Commodities Futures Trading Commission (CFTC) also brought charges against Binance for improper registration with the regulator.

The personnel changes and legal problems affecting Binance are creating a storm in the cryptocurrency market and raising questions about the exchange’s future. Time will tell what the future of this major crypto platform will be.

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

Share this article

More news


XRP outperforms Bitcoin and Ethereum

In the past week, XRP decisively outperformed its main rivals, Bitcoin (BTC) and Ethereum (ETH), in terms of capital flows. Moreover, it recorded an impressive $2.7 million…

Solana and Avalanche on the eye of investment funds

Two alternative coins, Solana (SOL) and Avalanche (AVAX), are gaining increasing interest and are successively attracting the attention of investment funds. Although bitcoin (BTC) remains the main…
All articles loaded
No more articles to load


Cryptocurrency wallets

Cryptocurrency wallets

We talked about security when trading crypto assets in an article titled “Online security“. We also mentioned how important it…
hardware wallets

Cryptocurrency hardware wallets

From the article titled “Cryptocurrency wallets” you learned about the different types of wallets. They were briefly characterized there. Let’s…
Where to buy cryptocurrency brokers

Which cryptocurrency Brokers to use

In the article “Where to Buy Cryptocurrencies (Exchanges)“, we introduced you to which exchange platforms you can purchase cryptocurrencies on.…
Trading cryptocurrencies

Trading cryptocurrency

In the cryptocurrency market, you face many opportunities to invest in cryptocurrency or buy or sell cryptocurrency. If you want…
All articles loaded
No more articles to load


All articles loaded
No more articles to load

Latest news

All articles loaded
No more articles to load