• Three senior officials have departed Binance this week, as the company prepares to defend itself against various legal issues.
• The departures are reportedly related to CEO CZ’s response to a U.S. Department of Justice investigation into alleged money laundering and violation of sanctions.
• General Counsel Han Ng, Chief Strategy Officer Patrick Hillmann, Senior Vice President for Compliance Steven Christie, and Global Vice President of Marketing and Communications Steve Milton have all left the company.

Binance Execs Leave Company

Three senior executives have left crypto exchange Binance this week amid an ongoing U.S. Department of Justice (DOJ) investigation into the company’s alleged money laundering and violations of sanctions. The departed include General Counsel Han Ng, Chief Strategy Officer Patrick Hillmann, Senior Vice President for Compliance Steven Christie, and Global Vice President of Marketing and Communications Steve Milton who had left in June according to his LinkedIn profile .

Reason For Departure

The departures are reportedly related to Binance founder and CEO Changpeng “CZ” Zhao’s response to the DOJ investigation. A source familiar with the matter told Fortune that Hillman tweeted on Thursday that he was leaving on good terms and that he “continues to respect and support” Zhao despite his decision to leave.

DOJ Investigation

The DOJ is investigating Binance’s attempts to fool U.S regulators as well as potential money laundering activities by the exchange over allegations such as violations of sanctions imposed on certain countries or individuals by governments around the world.

Binance Response

A Binance spokesperson did not immediately return a request for comment but CoinDesk Managing Editor of Global Policy & Regulation Nikhilesh De discussed CEO CZ’s response regarding the executive departure from the company in an article published last Thursday .

Conclusion

It remains unknown how long it will take before these positions are filled again at Binance or what effect their departure will have on cryptocurrency markets in general; however it is clear that CZ’s handling of this situation has played a major role in their resignation from the exchange.

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