Binance has a big problem. US officials once again demonstrated the ability to materialize threats and achieve results. Once the investigation against Binance and its head had been launched, the top managers have decided to leave the company.
The other day, the heads of the subsidiaries in Eastern Europe and the CIS announced their resignation. The exchange itself and most of the managers who have left are not available for comment.
So, what’s going on?
It’s pretty simple - Binance was declared war.
I have argued, that there are political reasons for pursuing the crypto exchange. If you look at the charges, they’re standard - illegal securities trading and money laundering. Both of these accusations are questionable: the “securities” proceedings are going on for a lot of companies, and their result is far from obvious, and accusing the platform in "laundering", is quite strange because it only provides a place for transactions.
Another thing is that the attack on the world’s largest crypto exchange is associated with a policy of drastic tightening of regulation.
Crypto business has shown the possibility of independence from the existing fiat economic system. Governments have suddenly discovered that there is a completely uncontrollable financial infrastructure. Is that acceptable for them? Surely not.
As for the Binance managers who left the company, they can be understood. Quietly engaged in business, they suddenly found they are exposed by a risk of criminal prosecution. Assessing the risks, many chose to leave the company. They cannot be judged - yet we have no feudal devotion.
For the exchange, such events are a serious challenge. Managers of such level are a valuable asset, and its weakening poses a serious threat to business. Time will tell how Changpeng Zhao will cope with this. I admit, I’m emotionally on his side, first of all, because he’s not gonna give up, despite his personal issues. Business is a matter for determined people, and CEO of Binance demonstrates his strong character.