A file from Fortune on Thursday printed that top executives on the crypto exchange had handed of their resignations over the last week amid rising regulatory scrutiny on the firm and its CEO.

The firm’s Unusual Counsel Han Ng, Chief Blueprint Officer Patrick Hillmann, and Senior Vice President for Compliance Steven Christie luxuriate in all quit the firm – a resolution that followed essentially the most smartly-liked departure of Matthew Tag, a worn IRS agent who oversaw world investigations and intelligence for Binance since 2021.

A offer shut to the topic in fact helpful Fortune that Binance CEO Changpeng Zhao’s response to investigations by the U.S. Department of Justice (DOJ) used to be accountable for the executives’ sudden exits. The investigation is reportedly centred round Binance’s alleged money laundering, sanctions violations and attempts to trick U.S. regulators.

Nevertheless, Hillmann, the now worn approach chief at Binance, acknowledged otherwise on Twitter, suggesting that his departure used to be for deepest reasons in preference to a fallout with the crypto exchange’s CEO.

“It’s ethical that I am leaving Binace, nonetheless I’m doing so on true phrases. I proceed to respect and give a enhance to Changpeng Zhao and am grateful for having had the extra special replacement to work below his management,” tweeted Hillmann.

Zhao also addressed the departure in a tweet, ascribing the tournament to traditional turnover versus the “entirely unsuitable” reasons dreamed up by the tips.

“As markets and the area atmosphere for crypto adjustments, as our organization evolves, and as deepest instances exchange, there is turnover at every firm. We thank all of our ex-group people for their contributions to our enhance, and want them your entire simplest,” acknowledged Zhao.

In the intervening time, Binance, its U.S.-essentially essentially essentially based subsidiary and the exchange’s founder Zhao face a lawsuit from the U.S. Securities and Commerce Fee (SEC), which alleges that the entities violated federal securities regulations. The U.S. Commodities and Futures Trading Fee (CFTC) also filed a lawsuit in opposition to Binance two months prior.