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Binance Defies FUD With $2B Inflows In 24 Hours Amid Senior Execs Departure Controversy

Binance has managed to defy fear, uncertainty, and doubt (FUD) over the past 24 hours amidst growing regulatory scrutiny and the recent departure of several top executives.

This follows a Thursday report by Fortune that the exchange’s General Counsel Han Ng, Chief Strategy Officer Patrick Hillmann, and Senior Vice President for Compliance Steven Christie had all tendered their resignations in the past week.

As per Fortune’s report, the resignations were allegedly influenced by investigations initiated by the U.S. Department of Justice (DOJ) against the exchange. The investigations focused on allegations of money laundering, violations of sanctions, and purported efforts to mislead regulators in the United States. Reportedly some insiders also claimed that the recent departures of executives were significantly influenced by Binance CEO Changpeng Zhao’s “CZ” response to the Department of Justice (DOJ) investigation.

However, Hillmann took to Twitter to clarify that his departure was due to personal reasons and not due to any conflict with CZ or the exchange. 

“It’s true that I am leaving Binance, but I’m doing so on good terms. I continue to respect and support CZ and am grateful for having had the incredible opportunity to work under his leadership,” said Hillman.

On the other hand, while confirming that he is indeed leaving the company, Christie emphasized on Friday that the reasons for his departure are different from what was reported. Having been involved in crypto compliance since 2015, he expressed feeling tired and acknowledged the need to lose some weight, as well as spend more time with his family.

Meanwhile, responding to media inquiries regarding his departure from Binance, Noah Perlman, the Chief Compliance Officer, clarified that he was not leaving the organization, tweeting, “I’m proud to be part of this incredible organization as we navigate the growing pains of the crypto industry.”

CZ himself addressed the departures on Twitter, attributing them to regular turnover rather than the speculative reasons suggested by the media.

“More FUD about some departures. Yes, there is turnover (at every company). But the reasons dreamed up by the “news” are completely wrong,” said CZ.

He emphasized that as the crypto market and global landscape evolve, personnel changes are common in any organization. CZ further thanked the former team members for their contributions to Binance’s growth and wished them the best in their future endeavours.

That said, despite the ongoing controversies and legal challenges, Binance has exhibited remarkable resilience, attracting a significant influx of deposits that reflect the continued confidence traders have in the exchange. According to data from DefiLama, within the past 24 hours, approximately $1.99 billion in deposits have been made to the platform, underscoring the enduring trust and support Binance enjoys within the crypto community.

The crypto market has also been displaying a notable level of stability, as Bitcoin reclaimed its position above $30,000 shortly after experiencing a minor dip following the Fortune report.

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