Two executives from Binance who were in charge of the cryptocurrency company's activities in the former Soviet Union and Eastern Europe have departed the business. The departures take place as the top cryptocurrency exchange considers leaving sanctioned Russia due to ongoing regulatory pressure.
Additional 2 Managers Depart Binance Crypto Exchange as Executive Exodus Continues
Executives from Binance who were responsible for Eastern Europe, other former Soviet republics, and Russia are departing the largest cryptocurrency exchange on the planet. A wave of top managers has left the corporation as a result of regulatory crackdowns in several areas.
Gleb Kostarev, the regional head of the cryptocurrency company for Eastern Europe, the Commonwealth of Independent States (CIS), Turkey, Australia, and New Zealand, announced on Facebook and Linkedin on Wednesday that this was his final day working for the exchange.
"Congratulations to the local teams for their tireless efforts and outstanding local campaigns. And of course, a sincere thank you to each and every one of our Binance users and partners for their support," added Kostarev, who had previously been in charge of the Asia-Pacific (APAC) area as well. After serving in executive roles at Binance for five years, he left without providing any clear justifications.
The day after the announcement, Vladimir Smerkis, the exchange's general manager for Russia and the CIS nations, said on Facebook, "Nearly two years have gone by in the blink of an eye, and as of tomorrow, I no longer work at Binance." After taking a much-needed break, he vowed to discuss his choice and future plans in more detail.
The two departures are a part of a recent executive exodus from Binance that has been ongoing for a while. A corporate representative informed Reuters earlier this week that Mayur Kamat, the product lead, had resigned.
The Wall Street Journal said that Helen Hai, who was in charge of Binance's international fiat business, had also gone. The article cited insiders with knowledge of the situation. Changpeng Zhao (CZ), the founder and CEO of Binance, made the following remarks about the departures in a post on X, formerly Twitter:
These recent departures follow those of Patrick Hillmann, Chief Strategy Officer of Binance, who announced on social media in early July that he was leaving the crypto giant, as well as those of Steven Christie, Senior Vice President for Compliance, and Hon Ng, General Counsel of Binance, who were revealed in a Bloomberg report. Leon Foong, who oversaw the APAC division, is also no longer employed.
Additionally, it is said that the exchange fired approximately 1,000 workers. The layoffs occurred at a time when regulatory scrutiny of Binance's business in the United States has increased. Binance is facing legal action for allegedly breaking securities and futures laws, and it is also being looked into for possible violations of Russian sanctions, whose market it may exit. It is also under investigation in Europe, particularly for possible money laundering, and has already left a number of markets.
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