Two Binance executives responsible for the crypto giant’s operations in Eastern Europe and the former Soviet space have left the company. The departures come at a time when the leading crypto exchange finds itself under persisting regulatory pressure and is considering leaving sanctioned Russia.
Another 2 Managers Quit Crypto Exchange Binance as Executive Exodus Continues
Binance’s executives for regions including Russia, other former Soviet republics and Eastern Europe are leaving the world’s largest cryptocurrency exchange. The company has seen a wave of exits of top managers amid a crackdown by regulators in a number of markets.
On Wednesday, the crypto firm’s Regional Head of Eastern Europe, the Commonwealth of Independent States (CIS), Turkey, Australia and New Zealand, Gleb Kostarev, took to Facebook and Linkedin to announce that this was his last day at the exchange.
“Kudos to the local teams for all the hard work and amazing campaigns at the local level. And of course, heartfelt thanks to all our partners and Binance users for your support,” said Kostarev who was previously overseeing the Asia-Pacific (APAC) region, too. He gave no specific reasons for quitting after his five years in executive roles at Binance.
“Almost two years have passed in the blink of an eye, and as of tomorrow, I no longer work at Binance,” the exchange’s General Manager for Russia and the CIS countries, Vladimir Smerkis, also revealed in a Facebook post published the same day. He promised to share details about his decision and plans for the future after a needed vacation.
The two exits are part of another chapter in an executive exodus from Binance that has been going on in the past few months. Earlier this week, a spokesperson for the company told Reuters that Product Lead, Mayur Kamat, had resigned.
According to a report by the Wall Street Journal, Helen Hai, who was overseeing Binance’s global fiat business, has also left. The publication quoted sources familiar with the matter. Meanwhile, founder and CEO, Changpeng Zhao (CZ), commented on the departures in a post on X, formerly Twitter:
Some of our team members are growing into bigger roles, some outside of #Binance. Some are doing new exciting ventures. I even made intros/references for many of them. We are supportive of everyone. We are one community.
This also creates more growth opportunities within…
— CZ
Binance (@cz_binance) September 6, 2023
These latest exits come after in early July, Binance’s Chief Strategy Officer, Patrick Hillmann, confirmed on social media he was leaving the crypto behemoth and a Bloomberg report unveiled that Senior Vice President for Compliance, Steven Christie, and Binance’s General Counsel, Hon Ng, had also left. Leon Foong, who ran the APAC business, is no longer on the job either.
The exchange has also reportedly laid off over 1,000 employees. The job cuts came amid heightened regulatory scrutiny over Binance’s operations in the U.S., where it’s engaged in lawsuits over alleged breaking of securities and futures laws and is being investigated for suspected violations of sanctions against Russia, whose market it may leave. In Europe, it’s also facing a probe, including for money laundering, and has already pulled out of several markets.
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