In the first nine months of 2023, Binance, the world’s leading crypto exchange by trading volume, has experienced the departure of 10 key executives from various departments. While executive departures are common in companies due to contractual obligations, the number of executives leaving Binance has drawn attention in the crypto community, particularly in light of the exchange’s growing regulatory troubles.
The most recent executive to depart from Binance is Helen Hai, the executive vice president of the crypto exchange, who announced her resignation on September 6. On the same day, Gleb Kostarev, Binance’s vice president of Eastern Europe, Turkey, the Commonwealth of Independent States, Australia, and New Zealand, also announced his resignation. Additionally, Russia and CIS general manager Vladimir Smerkis decided to leave the company.
The list of key executives who have left Binance in 2023 includes Helen Hai, Vladimir Smerkis, Gleb Kostarev, Mayur Kamat (Binance Product lead), Leon Foong (Binance Head of Asia-Pacific), Steven Christie (Binance senior vice president for compliance), Patrick Hillmann (Binance’s chief strategy officer), Han Ng (Binance general counsel), Steve Milton (Binance Global vice president of marketing and communications), and Matthew Price (Binance Senior Director of Global Investigations and Intelligence).
It is worth noting that four top executives reportedly left Binance on the same day following the exchange’s response to a Department of Justice investigation. A Fortune report suggested that these departures were related to dissatisfaction with Binance’s response. However, Binance CEO Chang Peng Zhao dismissed these reports as FUD (fear, uncertainty, and doubt).
Zhao addressed the growing speculation about executive departures on X (formerly Twitter) on September 6. He acknowledged that some team members from Binance are moving into bigger roles, both within and outside of the company. He also emphasized that Binance supports its team members and considers them part of one community.
Cointelegraph reached out to Binance to inquire about the community concerns surrounding executive departures, but the exchange declined to comment.
While most of the departing executives have stated that their departures were routine and that they maintain a good relationship with Binance and its CEO, the crypto community has become more skeptical about exchanges in the wake of the collapse of FTX.
Binance has faced regulatory challenges in numerous countries over the years. In an effort to navigate these complexities, the exchange has hired several former government officials and compliance officers. However, in 2023, many of these executives have chosen to leave Binance.
The departure of key executives raises questions about the future direction of Binance and its ability to address regulatory concerns. It remains to be seen how the exchange will navigate these challenges and reassure its users and stakeholders in the crypto community.