Binance has announced the appointment of Eleanor Hughes as its new general counsel, effective immediately. Hughes, who initially joined Binance in November 2021, previously served as the head of legal for the APAC and MENA regions. During her time in these roles, Hughes played a crucial part in obtaining operational licenses for the exchange in various jurisdictions, including Dubai and Bahrain. Her success in these regions has likely contributed to her promotion as the leader of Binance’s global regulatory efforts. This move comes as the exchange faces challenges with regulatory compliance in major regions such as Europe and the U.S.
Collaborating with Global Compliance Team
In her new role, Hughes will work closely with Binance’s Global Compliance team to support the responsible growth of the global Web3 industry. This collaboration will involve working alongside regulators and policymakers worldwide. By prioritizing collaboration and adherence to regulatory frameworks, Binance aims to foster a sustainable and compliant environment for the Web3 industry.
Recent Departures and Regulatory Troubles
The appointment of Hughes follows the recent departure of Han Ng, who previously held the position of general counsel. Ng, along with two other executives, Patrick Hillman (chief strategy officer) and Steven Christie (vice president of compliance), stepped down from their roles last week. Media reports linked these departures to Binance’s regulatory challenges and disagreements with CEO Changpeng ‘CZ’ Zhao. Speculation arose that the executives were leaving due to concerns about impending legal action by the U.S. Department of Justice.
Addressing Rumors and Maintaining Operations
However, both Hillman and CZ addressed the rumors surrounding the departures. Hillman took to social media to refute the reports, stating that they were baseless and that the departures were driven by personal reasons. CZ also dismissed the rumors as “FUD” (fear, uncertainty, and doubt) and reassured stakeholders that such personnel changes are a regular part of the exchange’s operations. Despite the challenges and external pressures, Binance remains committed to its mission and continues to adapt and strengthen its regulatory compliance efforts.
In summary, Binance has appointed Eleanor Hughes as its new general counsel, tasked with leading the exchange’s global regulatory initiatives. Hughes’ previous success in obtaining operational licenses in the APAC and MENA regions positions her well for this role. The recent departures of key executives have sparked speculation, but Binance affirms that these changes are part of its ongoing operations. By collaborating with its Global Compliance team and engaging with regulators and policymakers, Binance aims to foster responsible growth in the Web3 industry while navigating regulatory challenges.