Bobos & Wojaks

Get Rich Or Die Tryin

Brian Brooks resigned as CEO of Finance

Brian Brooks, the chief executive of Binance’s US arm, has announced that he is resigning after only three months at the embattled cryptocurrency exchange, citing “differences over strategic direction.”

Brooks, a former US financial regulator, stated in a tweet: Brooks, a former US financial regulator, remarked in a tweet: “Letting you all know that I have resigned as CEO of ⁦⁦⁦Binance US. Despite differences over strategic direction, I wish my former colleagues much success. Exciting new things to come!”

 

Brooks served as acting comptroller of the currency in the Trump administration until January of this year, before becoming CEO of Binance’s US division in May. He was the chief legal officer of Coinbase, a cryptocurrency exchange, before taking over the OCC.

 

The abrupt resignation comes as Binance.com, the company’s major worldwide exchange, has been under criticism from regulators in the UK, Germany, Japan, and Hong Kong, among others, over worries about insufficient consumer protection and anti-money laundering policies.

 

Although Binance US and Binance.com have the same main owner — Changpeng Zhao — Brooks has previously stated that the two companies operate independently. Binance US, according to Brooks, licences technology from Binance.com.

 

Brooks stated in a recent interview with Forbes that he intends to maintain greater independence between the two by appointing additional board members to the US company who are unrelated to Binance.

 

He went on to say that he expected Binance US, along with dominating rival Coinbase, to become one of the top two cryptocurrency exchanges in the US, and that the company was in the process of a private investment round. He also stated that he sees the company heading farther into decentralised financing.