Five of CoinMarketCap’s top employees have reportedly quit the company. VP of operations, growth, and revenue Spencer Yang, VP of products Jeremy Seow, interim CEO Carylyne Chan, global head of design and growth Matthew Lippl, and project lead and head of events Jared Chin are expected to be replaced by Binance selected staff. CoinMarketCap’s top executives are leaving because they felt it was time to apply their skills to other industries that need innovation or launch their own businesses.
Binance acquired CoinMarketCap for an estimated $400 million.
Earlier this year, the crypto exchange giant, Binance acquired CoinMarketCap for an estimated $400 million. Although the former executives say they were dedicated to independently running the company, there were instances when CoinMarketCap was accused of manipulating the platform’s rankings and statistics to favor their owner, Binance. As the DeFi sector began to take off in late July, CoinMarketCap added a “Top DeFi Tokens by Market Capitalization” section on their website. However, Binance Coin (BNB) was listed as the number one DeFi token by market cap even though BNB is not a DeFi token.
The staff picked by Binance will replace the leaving executives.
These incidents took place while the CoinMarketCap executives who just resigned were leading the company. Now that they have left, the executives will be replaced by Binance selected staff. The statistical manipulation and the rigging of the system in Binance’s favor will be interesting to observe in the future. Binance has repeatedly claimed that CoinMarketCap operates independently, but several reports revealed that Binance might have a little more influence on what appears in CMC than they want us to think that they do, according to Sahil Kohli.
The crypto exchange Binance has acquired many local businesses around the world in recent times to increase its global expansion.