Regulatory agencies in the US are tightening their grip over crypto ventures. Binance is one of them. Losing the best man from the team amid the crisis raises questions and concerns. For Binance, it is more of a set of questions that the departure of its Chief Strategy Officer has raised.
Patrick Hillman has clarified that everything is on good terms, but reports continue making rounds about the possible rift between him and Changpeng Zhao, the Chief Executive Officer of Binance. Not exactly a rift, though; reports are out claiming that Patrick’s departure from the crypto venture is because of the response that their CEO has issued to the US Department of Justice, also known as DOJ.
Investigations are underway, and everything said by the members concerned affects the future of the venture. Thereby affecting where all the employees stand. The higher the position, the larger the stakes.
However, Patrick has dismissed all those reports through a tweet wherein he explained that the time was right for him to step aside. Something that has possibly influenced his decision is the birth of his second child. Hillman has said that the imminent birth of the second child made it the right time to leave Binance.
From a more professional lens, Patrick has said that he has been at Binance for 2-years, taking the company through a lifetime of crises and challenges in the industry and regulations, respectively. It is simply time for me to move on to the next challenge, said the former Chief Strategy Officer of Binance.
He continues to have respect for the leadership of Changpeng Zhao and is grateful for the opportunity he got under him, based on his official statement at the time of departure from the company.
He is joined by two more members leaving the ship – Hon Ng and Steven Christie. Hon is the General Counsel, and Steven is the Senior VP for Compliance. They, too, have called it quits; however, there is no official statement from their side about their departure. Talking about preferences, one can only assume that Hon and Steven are also looking to move on and take up another challenge.
When asked about the current stance of Binance, Patrick said that the management could choose to settle the issue with a fine. The decision is yet to be finalized, and Binance is yet to publish an official word on the matter. Patrick’s 2-year journey with Binance has ended. He landed the job after working as the head of innovation, risk, and compliance at Edelman.
Binance, meanwhile, continues to work with relevant authorities in settling the due for the 2020 issue. That was the year when Binance was accused of not doing enough to track illegal finances. The Department of Justice has solicited nearly 30 requests for internal documents. Binance has also been charged with allegations of commingling with funds and securities violations.