Troubles Deepen for Binance as Brian Brooks Steps Down as Binance US CEO
Binance, the beleaguered king of cryptocurrency exchanges, continues to get into a plethora of issues. Only three months after taking the leadership, the exchange has shed one of its top executives. Brian Brooks has stepped down As CEO of Binance US, expressing disagreements about strategic vision, whilst the exchange keeps going to undergo intense scrutiny from authorities across the globe.
Brooks announced his resignation from his position on Twitter. He said, “I am writing to inform you that I have stepped down as CEO of Binance US. Despite our disagreements in strategic vision, I hope my coworkers the best of luck. New and exciting products are on the way!”
Brooks has only been the CEO of the international exchange’s US branch for three months. When he came into office on May 7th, Binance had not yet been subjected to legal oversight and was prospering as cryptocurrency values skyrocketed. Nevertheless, the exchange has been facing one hit after the other from then onwards.
On Twitter, CEO and founder Changpeng Zhao characterized Brooks’ brief time at the platform as “incredibly valuable,” and expressed optimism that he would strive to be an important part of the crypto sector’s development, pushing for laws that drive our business ahead. “We wish him well in his upcoming initiatives.”
CZ also assured users in a statement issued by Binance US that the departure will have no effect on the exchange’s operations and that “the business will continue to provide best-in-class goods and services.” Brooks was the Acting Comptroller of the Currency before joining Binance US, a position in which he made a name for himself in the cryptocurrency world. During his tenure, he was in charge of the OCC issuing the first national banking license to a cryptocurrency business, Anchorage Digital.
The regulator also authorized banks to begin storing collateral for stablecoins. He entered into Binance US with a strong interest, claiming that he intended to make it more than simply a trading platform. During his tenure at the exchange, he saw the addition of a large variety of crypto, most notably ANKR and AMP.
He also recently stated that the exchange was undergoing a “amazing fundraising drive” and that contract agreements had already been inked. Brooks has declined media demands for additional information on the disagreements that led to his resignation. Binance has likewise declined to talk about the situation.
Brian’s work for https://t.co/hSHrrlF7o7 has been invaluable and we hope he will continue to be an integral part of the crypto industry’s growth, advocating for regulations that move our industry forward. We wish him the very best in his future endeavors. https://t.co/ya1sEmVyPb
— CZ 🔶 Binance (@cz_binance) August 6, 2021
Brooks’ departure comes amid when the cryptocurrency exchange is being scrutinized by one authority after the other. Regulators ranging from Japan’s FSA to the United Kingdom’s FCA, Germany’s BaFin to America’s DoJ and CFTC have either ordered Binance to stop operations or given a warning that it does not conform to compliance guidelines.