Brian Brooks, the CEO of Binance US, has resigned less than three months after taking the role.
Brooks announced his resignation via Twitter, stating that he was forced to resign due to strategic differences with the exchange. Brooks did not specify the nature of the cited strategic differences in his post. The resignation comes as Binance comes under increasing scrutiny from global regulators.
“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,”
Brooks
Changpeng Zhao, CEO of Binance, confirmed the resignation as well, describing Brooks’ role as invaluable. The US has been invaluable, and we hope he will continue to be a vital part of the cryptocurrency industry’s growth, advocating for regulations that advance our industry,” Zhao said. Brooks joined Binance US on May 7th as Acting Comptroller of the Currency following his tenure as Acting Comptroller of the Currency. He also oversaw the issuance of the nation’s first national banking charter to Anchorage Digital, a cryptocurrency company.
Binance’s regulatory woes continue to grow
Additionally, the exchange’s focus has shifted to Brooks’ successor, as the exchange plans to establish regional headquarters in order to comply with regulatory requirements. Regulators in Hong Kong, the United Kingdom, Germany, Japan, Italy, and Thailand are closely monitoring the exchange.
Binance, the world’s largest cryptocurrency exchange, is being investigated for allegedly facilitating vices such as money laundering and scams during the recent cryptocurrency boom. In the United Kingdom, regulators have determined that Binance is operating illegally and have warned investors not to transact with the exchange.
In July, Zhao stated that Binance is pursuing global licensing in order to transition away from its decentralized model. Additionally, Binance is expanding its compliance team by doubling it by the end of the year. Zhao’s stated objective is to strengthen ties with regulators in order to improve the exchange’s operation.
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