Five executives of CoinMarketCap, including interim CEO Carylyne Chan, have left CoinMarketCap. The other executives are Spencer Yang—vice president of operations, growth and revenue, Jeremy Seow—vice president of products, Matthew Lippl—global head of design and growth, and Jared Chin—project lead and head of events.
The mass exodus comes just four months after Binance acquired CoinMarketCap for about $400 million. The executives have refused to comment on whether Binance played a role in the exits. One of the executives hinted that they “resigned”.
Binance reportedly plans to replace the executives with its own staff. Binance and CoinMarketCap declined to comment although a Binance spokesperson said CoinMarketCap “operates independently.”
A CoinMarketCap spokesperson says the firm is now by being led by a “tight-knit group that will continue to work closely with the community.”
CoinMarketCap was founded in 2013 by secretive Brandon Chez, who left the firm as CEO when Binance acquired it. At the time, Chan took over the role of interim CEO.
CoinMarketCap remains one of the highest visited websites in the crypto space. The crypto data aggregation site had more than 33 million visitors in July alone. The site’s traffic-driving potential was a significant motivator behind the Binance’s acquisition.
The influence of the site became apparent when Chez delisted South Korean exchanges from CoinMarketCap without warning in January 2018, triggering a temporary $100 billion drop in the total cryptocurrency market value.
CoinMarketCap has since focused on bringing more transparency and accountability to market data aggregation from exchanges and cryptocurrency networks through its Data Accountability and Transparency Alliance.
Binance is a cryptocurrency exchange that provides a platform for trading various cryptocurrencies. As of January 2018, Binance was the largest cryptocurrency exchange in the world in terms of trading volume. Binance was found by Changpeng Zhao, a developer who had previously created high frequency trading software.