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Binance: FUD rises as top executives head for exit, what now?

3min Read

Key executives from Binance Russia pack their bags and exit the firm, causing FUD. Despite this, the price of BNB remains stable.

Binance: FUD rises as top executives head for exit, what now?

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  • As key executives from Binance Russia exited the company, CZ took to Twitter to reduce FUD.
  • BNB’s price remained stagnant.

Binance [BNB] has been the recipient of the most FUD in the recent bear market. With lawsuits filed against the company and BNB’s increasing losses, it appeared that both Binance and its token couldn’t catch a break.


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Executives pack their bags

Recently, it was announced that two top Binance Russia executives had departed the company amid significant regulatory challenges, particularly related to sanctions.

Gleb Kostarev, who served as the head of Eastern Europe and Russia at Binance, announced his departure on Facebook on 6 September. He also mentioned that he had left his position in the Asia-Pacific region a few months ago.

Following Kostarev’s announcement, Vladimir Smerkis, the general manager for Russia and CIS at Binance, also revealed his leaving via Facebook.

Neither executive provided explicit reasons for their departures. However, Smerkis indicated that he would share more details about his exit, future plans, and experiences at an upcoming meeting in Moscow in a few weeks.

Is Binance exiting the Russian market?

Due to these events, the speculation that Binance may leave the Russian market started to rise. To reduce the FUD, founder CZ took to Twitter, where he stated that team members were taking on bigger roles, some outside of Binance.

He also expressed that these exits opened up additional growth prospects within the company.

However, despite CZ’s attempts to reduce the FUD around Binance, these factors won’t be considered in isolation by the public and the crypto community. Recently, its operations in Russia caught the eye of regulatory bodies in the U.S. as well.

This could be one reason why Binance could soon reduce its involvement in the Russian markets, going forward.

On the legal front

In the latest legal development involving Binance, the Securities and Exchange Commission (SEC) filed a sealed motion in their case. This motion allows them to submit confidential information privately. It contained over 35 exhibits, a declaration from Jennifer Farer, an SEC trial attorney, and a proposed order.

John Reed Stark, a former SEC official, called this a rare move on X (formerly Twitter). He pointed out that public interest usually calls for transparency in the SEC’s use of taxpayer funds and its message to deter future securities violations.


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Stark proposed two theories for the SEC’s action: either they might be avoiding interference with a criminal DOJ investigation, or they may be concerned about endangering a witness or company.

 

Despite these events, BNB’s weighted sentiment indicator suggested that comments being made about BNB were largely positive at the time of writing. Regardless, the token’s price was mostly stagnant. At press time, BNB was trading at $215.14.

Source: Santiment

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Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
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