Diksia.com - NEW YORK, Crypto exchange platform Binance announced the resignation of Patrick Hillmann, who was serving as chief strategy officer.
“It’s true, I’m leaving Binance,” Hillman said in a tweet in response to his resignation.
Hillmann joined the world’s largest crypto exchange in 2021 and became chief strategy officer in October last year.
He became one of the key figures of the digital company.
Hillmann’s resignation as Binance’s Chief Strategy Officer comes at a time when the company and its affiliates in the United States (US) are seeing a decline in market share due to a regulatory crackdown.
Binance itself has also been hit by a lawsuit from the US Securities and Exchange Commission (SEC) for allegedly violating regulatory rules, boosting its global market share to 52 percent from 60 percent earlier in the year, according to data company Kaiko.
“Binance had started shedding market share in March after deciding to end fee-free transactions for several trading pairs,” said Dessislava Aubert, an analyst at Kaiko.
“Binance’s market share has gone to various exchanges, with Bybit and OKX being the best,” he added.
Meanwhile, Binance US’ U.S. market share fell to 0.9 percent on June 26 and more than 22 percent in April after the crypto exchange imposed a deadline on its customers to withdraw their funds, in accordance with SEC requirements.
“Due to buying trends, Coinbase’s US market share rose to 55% from 48.4% in June as the exchange was named a watchdog partner by Fidelity and other asset managers for offering spot Bitcoin ETFs,” Aubert said .
Binance has subsequently denied allegations that crypto tokens are part of securities and has repeatedly asked the SEC for clear rules.
