Binance CEO Responds to Executive Departures Reports, Says Reasons ‘Dreamed Up’ for Staff Exits Are Wrong

The chief executive of the world’s largest crypto exchange by volume is responding to reports centered around top executives of the firm leaving, saying that the rumored reasons why they departed are fiction.

Responding to a recent Fortune report, Binance CEO Changpeng Zhao says Fortune “dreamed up” reasons as to why the staff members left and that companies having a turnover rate is normal.

“More FUD (fear, uncertainty, and doubt) about some departures. Yes, there is turnover (at every company). But the reasons dreamed up by the ‘news’ are completely wrong.

As an organization that has grown from 30 to 8,000 people in six years, from 0 to the world’s largest crypto exchange in less than 5 months from founding (and HELD ON to that position ever since), we have been able to protect our users at all times and we have been extremely lucky to have some of the best talent the planet has to offer.

As markets and the global environment for crypto changes, as our organization evolves, and as personal situations change, there is turnover at every company. We thank all of our ex-team members for their contributions to our growth, and wish them all the best.”

The Fortune report claimed that top executives of Binance, such as general counsel Hon Ng, chief strategy officer Patrick Hillmann, and senior vice president for compliance Steven Christie, left the firm over Zhao’s response to the U.S. Department of Justice’s (DOJ) ongoing investigation of the crypto exchange.

Binance is under investigation by the DOJ after two Senators claimed that the firm gave “false and misleading” information to Congress.

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