Binance CEO is battling mainstream media FUD after he objected that his company was not under any strains as reported.
Fortune published a click-bait-like article report entitled ‘Binance Exchange plunges into crises’
While most would have regarded the report as earmarked for the fall of Binance; it was only about three senior executives who had resigned from the exchange.
The three executives left the company this week, including CSO Patrick Hillman, General Counsel Hon NG, and Compliance SVP Steven Christie. They all told Binance CEO ChangPeng Zhao that they would be living the company by Friday. Nonetheless, Noah Perlman, the Chief compliance officer confirmed he would remain around and help steer the company through the growing pains of crypto regulations. This news, media FUD and CZ’s denial come amidst heightening tensions between U.S regulators and the exchange.
Below is a July 7 Tweet from Hillman in which he said that he was leaving the exchange on good terms. He emphasized his wife was expecting a baby.
Unfortunately, some media publishers allegedly changed the narrative into FUD. Here is what an excerpt from Fortune has to say: ‘Resignation of Binance Exchange top executives represents a management and strategic crisis’
According to the publications, the high-profile resignations were the result of the current investigations by the Department of Justice. In addition, the exchange is already battling another lawsuit filed against them by the Securities and Exchange Commission (SEC) and the CFTC (Commodity Futures Trading Commission).
Meanwhile, ChangPeng Zhao responded on Twitter claiming the alleged reasons by the media are only for spreading fear, uncertainty and doubt.
He stressed every company undergoes turnover, all employers undergo personal change. Especially for a global company that has scaled from a team of 30 to 8K within 6 years. CZ emphasized regardless of the cryptocurrency industry turmoil, they have always been able to protect customers.
Mubashir Ahmed is a multifaceted market analyst with extensive knowledge of the blockchain industry. He is proficient in market analysis and blockchain technology, having had experience with numerous projects in the space. He has a deep understanding of the Cryptocurrency industry, its trends, and how to best approach investing in it.
