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Crypto exchange Binance hit by executive exodus

Binance, the world’s biggest crypto exchange, has been hit by an executive exodus as several key executives have quit the company.

The resignations have been attributed to the company’s ongoing legal and regulatory issues.

The following executives have resigned :

  • Hon Ng, General Counsel.
  • Yibo Ling, Chief Business Officer.
  • Patrick Hillmann, Chief Strategy Officer.

Patrick Hillmann cited personal reasons for his resignation in a tweet.

The resignations come as Binance has decided to cut exposure to the U.S. by firing or relocating U.S. -based staff as part of a plan to shield the exchange.

The departure of executives could lead to a loss of institutional knowledge and experience, which could impact the exchange’s operations.

The resignations are the latest blow for Binance as it faces a slate of legal and regulatory challenges.

what specific steps has Binance taken to address regulatory concerns

Binance has taken several steps to address regulatory concerns following the departure of key executives.

Some of these steps include :

  • Ensuring regulatory compliance in different countries: Binance has been taking several measures to ensure regulatory compliance in different countries.
  • One of the key steps Binance has taken is to work exclusively within regulated environments.
  • Hiring a Global Money Laundering Reporting Officer: Binance has hired former U.S. Treasury criminal investigator Greg Monahan as its Global Money Laundering Reporting Officer.
  • Monahan will be responsible for overseeing Binance’s anti-money laundering and counter-terrorism financing efforts.
  • Reviewing projects in jurisdictions with regulatory uncertainty: Given the ongoing regulatory uncertainty in certain markets, Binance will be reviewing other projects in those jurisdictions to ensure its users are insulated from any undue harm.
  • Establishing a Global Advisory Board: Binance has established a Global Advisory Board to work on regulatory and political issues.
  • The board consists of individuals expected to tackle any issues that may arise as the exchange continues its initiatives to advance crypto, blockchain, and Web3 adoption.

Overall, Binance has taken several steps to address regulatory concerns following the departure of key executives.

These steps are aimed at restoring investor confidence and ensuring regulatory compliance in different countries.

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