07-07-2023, 10:23 PM
#1

Crypto Market News: After fear and uncertainty prevailed in the crypto market over reports of top Binance.US executives leaving the company, one of the top executives revealed the real reason behind leaving the world’s top crypto exchange. The exchange, along with US based crypto exchange Coinbase, was slapped with a lawsuit by the U.S. Securities and Exchange Commission (SEC) in June 2023. Besides the unregistered offer and sale of securities, the SEC charged Binance with operating unregistered exchanges, broker-dealers, and clearing agencies and misrepresenting trading controls and oversight on the Binance.US platform. Despite back to back lawsuits against the two top exchanges, the crypto asset prices stood strong.

Also Read: US Fed Powell, ECB Lagarde Aggressively Hawkish, Can Bitcoin Price Still Hit $35000?

Although the outgoing executives did not explicitly cite the ongoing regulatory onslaught against the crypto market, traders and investors believe it to the real underlying reason behind the sudden resignation from the top executives. In fact, Patrick Hillmann, Binance’s chief strategy officer, said he was leaving the company on good terms. In a latest, Steven Christie, senior vice president for compliance, explained the circumstances in which he announced resignation after having worked in crypto compliance since 2015.

For A “Happy Wife”

Steven Christie explained the purely personal reasons that influenced his decision to take a break from the job. Stating that he intends to spend time with family, the top executive denied reports of FUD around the crypto lawsuits. Interestingly, he was all praise for the compliance program at Binance.

“I have been in crypto compliance since 2015 when I joined Xapo, spending the last six years straight leading and growing the Compliance functions at Kraken and Binance without a break. At this point I am simply tired.”

Meanwhile, a lawsuit filed by the US Commodity Futures Trading Commission (CFTC) against Binance might be heading towards a settlement.

Also Read: How Bitcoin, Ethereum Price Move As US Unemployment Rate and Nonfarm Payroll Fall?

Source Link :
coingape.com