Jennifer Hicks Leaves Binance After Almost Two Years
Jennifer Hicks, a senior Binance counter-terrorism official, is the latest high-ranking official to depart from the world’s largest cryptocurrency exchange. Her LinkedIn profile indicates that she left Binance after nearly two years with the company. Prior to her role at Binance, Hicks worked as an investigative specialist at Chainalysis and for the U.S. Navy.
Binance Faces Growing Staff Exodus
Hicks is part of a growing wave of departures from Binance, as the exchange has seen a significant increase in staff leaving in recent months. Binance.US, the exchange’s U.S. arm, has also reduced its workforce by a third in the current year.
The company is grappling with regulatory scrutiny in various countries, including the United States where the SEC filed a lawsuit in June for alleged securities law violations. Additionally, the U.S. Commodity Futures Trading Commission charged Binance and CEO Changpeng Zhao with “willful evasion of federal law” earlier this year.
Recent court filings have accused Binance.US of not cooperating with the SEC’s investigation as well.
Lawmakers Turn Attention to Binance
Hicks’ departure occurs amid heightened attention on cryptocurrency’s involvement in funding terrorism following an attack on Israel by the militant group Hamas. Two U.S. senators called on the U.S. Department of Justice to take “swift action” against Binance for allegedly assisting Hamas.
Senator Cynthia Lummis and Arkansas representative French Hill urged the DoJ to conclude its investigation into Binance and make a charging decision based on the exchange’s level of culpability in illicit activities.
Hot Take
The global exodus of staff from Binance, including high-ranking officials, reflects the significant challenges the exchange is currently facing, including regulatory scrutiny and potential involvement in illicit activities. The departure of Jennifer Hicks, a senior counter-terrorism official, adds to the growing list of departures and raises further questions about Binance’s operations amidst increased scrutiny.
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