AIBC

Is Binance heading towards troubled waters?

Posted:: Aug 09, 2021 09:18 Category: Blockchain , Crypto , Regulatory , Posted by Laura Schembri

US CEO Brian Brooks resigns three months into the position, citing differences in strategic direction.

Brooks joined the  American arm of the leading crypto exchange at the beginning of May.  He was previously the acting head of the Office of the Comptroller of the Currency from May 2020 to January 2021 under former U.S. President Donald Trump. In this potion, he successfully established regulatory clarity for stablecoins and digital asset custody. Brooks also served as the Chief Legal Officer of Coinbase Global.

The former top U.S. banking regulator announced his departure on Twitter, posting:

“Letting you all know that I have resigned as CEO of ⁦⁦@BinanceUS. Despite differences over strategic direction, I wish my former colleagues much success. Exciting new things to come!”

The shocking departure comes just weeks after  Forbes published an interview with Brooks detailing his expansive vision to ensure greater independence between Binance US and its embattled namesake Binance.com, by adding more board members at the US group with no prior connection to Binance.  

His resignation marks yet another blow to Binance, following months of scrutiny from regulators in Hong Kong, Britain, Germany, Japan, Italy and Thailand due to worries over investor protection. The company has since repositioned its focus to becoming a regulated financial entity pledging to expand its compliance staff significantly. 

Despite the endless controversies rattling the company, the founder Changpeng Zhao remains confident about the future of the exchange. Commenting:

“I remain confident in Binance US’s business and its commitment to serve its customers and innovate. Binance US is poised to continue to grow and empower the future of finance.”

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