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Several Executives Leave Embattled Crypto Exchange Binance

A number of senior executives have left cryptocurrency exchange Binance amid the company’s ongoing legal battles with securities regulators around the world.

Many of the departing executives, including Chief Strategy Officer Patrick Hillmann, took to social media to announce they were leaving privately held Binance, which is the world’s biggest crypto exchange.

Other executives who announced they were quitting Binance include Chief Compliance Officer Steven Christie, General Counsel Hon Ng, and Yibo Ling, the company’s U.S.-based chief business officer.

The wave of departures comes as U.S. regulators sue Binance and its Canadian CEO Changpeng Zhao for allegedly operating a “web of deception” that hurt investors.

Binance denies the charges and has vowed to vigorously defend itself in court.

The exchange is also under investigation by the U.S. Justice Department over possible money-laundering.

Zhao took to Twitter to comment on the executive departures, stating: “Yes, there is turnover (at every company). But the reasons dreamed up by the “news” are completely wrong.”

Binance is a private company. Its stock is not traded on a public exchange.