• Binance CEO Changpeng Zhao has responded to recent reports that top executives have left the crypto exchange, saying that the reasons why they departed are wrong.
• The Fortune report suggested that the staff members left due to Zhao’s response to a US Department of Justice investigation.
• Zhao said that companies having a turnover rate is normal and thanked all of their former team members for their contributions and wished them all the best.
Binance CEO Responds to Executive Departures Reports
Binance CEO Changpeng Zhao has responded to recent reports about top executives leaving the crypto exchange, stating that the rumored reasons why they departed are incorrect. The chief executive called out a Fortune report which suggested that staff members had left due to his response to an ongoing U.S. Department of Justice (DOJ) investigation into Binance.
Normal Turnover Rate for Companies
Zhao explained that it’s normal for companies to experience turnover and he thanked all of their ex-team members for their contributions in helping grow the organization from 30 people six years ago to 8,000 now, making it one of the world’s largest exchanges in less than five months from founding.
U.S. Department of Justice Investigation
The DOJ began investigating Binance after two Senators alleged that the firm gave “false and misleading” information to Congress during its inquiry into cryptocurrency money laundering schemes involving major banks like JPMorgan Chase and Bank of America earlier this year.
Fear Uncertainty & Doubt
Zhao believes there is “fear, uncertainty and doubt” around some departures from Binance but noted that as markets change and personal circumstances change, there will always be turnover at every company.
Best Talent on Planet
He also expressed pride in being able to protect users at all times by having some of the best talent on the planet work with them over time, adding: “As markets and the global environment for crypto changes, as our organization evolves, and as personal situations change, there is turnover at every company.”