To be honest just as it seemed that we were going to get a lull in the ongoing BINANCE saga an unexpected turn and reinvigorated the attention being paid to the exchange and its founder CZ. While this all could certainly just boil down to FUD as CZ has claimed it is the sheer number and the high-level nature of these departures that are a pretty standard sign of issues within a company. Not only are they high leveled people but they each are within a different critical role when it comes to the regulation side of Binance and Binance US. Han Hg served as general counsel, Patrick Hilmann as chief strategy officer Patrick Hilmann, and Steven Christie as SVP for Compliance. Those are three different segments of the company so it is not like a certain department is getting overhauled it is an across-the-board type of thing.
These big departures follow one that briefly was big news but quickly faded away and that was the departure of Matthew Price who was the Global Head of Intelligence and Investigations. Price had a long history of working in the IRS and even a few years with the CIA left the company earlier this year in a way that really has not fully been explained. At least from the outside looking in it would appear that Price likely found or saw things that he knew would not end well and rather than stay with a sinking ship he bailed out so that he wouldn't get caught up in the lawsuits and charges that have emerged over the last couple of months.
All four of these people have one thing in common that made them a huge asset to Binance... deep roots in Washington, DC so losing them even on good terms and during a time of uncertainty is a huge blow. Rumors have also come out over the years about CZ and how differently he operates and while that is not necessarily a bad thing when you try and mix his way of thinking and reasoning with DC thinking it isn't something that I would expect would mix well. Naturally when things are going well this can easily be patched up or covered up but as soon as things go sideways it would rear its ugly head and these people's views and the way they do their jobs just would not work. It boils down to differing philosophies.
CZ's way of operating has previously gotten him and Binance in trouble. Let's not forget the whole headquarter issue that during the Pandemic was more understandable than it is now. He has also been someone who has really led the company and swayed crypto markets from his Twitter account. Others have since followed this path with the most visible one being Elon Musk but CZ really led the way and pioneered this practice. Again this is not something that is likely to translate well into an office environment esp. with regulators wary of the industry overall which only would make these people's jobs that much harder.
Only time will tell if this turns out to be true FUD or if Binance and Binance US have issues and they are starting to unravel. Since the US crackdown, we have seen Australia launch investigations, Binance pulling out of Canada, and Germany rejecting their license. After a string of wins, last year Binance has entered choppy waters. This has only gotten worse with department leaders being the ones leaving the company and not regular staff creating a void at the top and a lack of DC ties that these people brought.
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