The crisis at Binance Holdings Ltd. is said to be going deeper as its top executives are leaving the company. It was alleged that senior officials chose to resign due to the way the firm’s chief executive officer, Changpeng “CZ” Zhao, is handling the investigation being conducted by the U.S. Department of Justice.

Binance's senior strategist or the chief strategy officer, Patrick Hillmann, submitted his resignation while the company is struggling. The CSO confirmed his departure through a social media post but contrary to what people think, he said he is leaving "on good terms" after serving the crypto firm for two years.

“It is true that I am leaving @Binance, but I’m doing so on good terms. I continue to respect and support @cz_binance and am grateful for having had the incredible opportunity to work under his leadership,” Hillman tweeted on Friday, July 7. “I have been here for two years and it’s simply time for me to move on to the next challenge. I’ve taken this company through a lifetime of industry crises and regulatory challenges - from Luna to 3AC to FTX. Despite all of these challenges, the company has continued to grow and thrive.”

With his departure, business experts said that Binance will face a major crisis especially now that its CEO is being investigated by the DOJ. it is believed that the resignation of the officials is related to CZ’s response to the U.S. justice department’s investigation over claims of money laundering, breach of regulations, and sanction violations.

In any case, based on the reports, at least three senior executives have left the embattled crypto exchange in this week alone. The departures also come at a time when Binance is in the midst of preparing to defend itself from various allegations.

Meanwhile, according to Coindesk, aside from Patrick Hillman, the general counsel of Binance, Han Ng and the compliance unit’s senior vice president, Steven Christie, have resigned. The company’s vice president of global marketing and communications, Steve Milton, already quit last month as well. These exits started after Matthew Price, the senior director of investigations, decided to part ways with Binance.

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