Binance has appointed Eleanor Hughes as its new general counsel. She has been a member of Binance’s legal team since November 2021. Hughes is now in charge, leading a group of 85 attorneys.
A shift in the legal team at Binance
Ina Jul 13 advertisementBinance CEO Changpeng Zhao, also known as CZ, shared that during their time together, he has come to trust their legal counsel to protect users and manage risks on the platform.
In addition to her two years at Binance, Hughes brings another 15 years of experience in private and internal roles, having spent more than ten years in law firms including Skadden, Meagher & Flom LLP, and affiliates.
The announcement follows former general counsel Han Ng’s departure from the Binance team along with Chief Strategy Officer Patrick Hillman and Senior Vice President of Compliance Stephen Christie.
Although there was some speculation as to why these executives left, Hillman sent out a tweet on July 6 saying that this decision was made on good terms.
but, Crypto community members They were quick to respond with comments suggesting that Czechoslovakia needed more protection.
CFTC lawsuit, SEC
News of the former Binance executives stepping down comes as the world-famous exchange continues its ongoing battle against US regulators, starting with the Commodity Futures Trading Commission (CFTC) first filing a lawsuit against it in March, and most recently making headlines highlighting The Securities and Exchange Commission sued the stock exchange and Zhao last month alleging violations of securities laws.
(embed) https://www.youtube.com/watch?v=V9hIXNfyE1o (/embed)
With 13 counts, the SEC alleged that Zhao and Binance engaged in a web of deception, lack of disclosure, conflict of interest, misleading investors about risk controls, and corrupting trading volumes.
Furthermore, the US Department of Justice (DoJ) is reportedly investigating whether Binance was used to allow Russians to evade US sanctions related to the country’s invasion of Ukraine.
Since the outcome of these cases is largely unknown, the support of the new General Counsel will likely be essential for the team to maintain its dominant market position.