Binance US CEO Brian Brooks Quits Over Strategic Differences

Divya  |  Aug 7, 2021

Binance.US CEO Brian Brooks has resigned from his position at the world’s largest cryptocurrency exchange owing to “strategic differences.” Brooks shared the news of his departure through a tweet late Friday. Shortly after his announcement, Changpeng Zhao, the founder and CEO of Binance, confirmed the resignation and said that "this transition will not impact BinanceUS customers in any way."

Brian Brooks Steps Down as Binance.US CEO Citing “Strategic Differences”

Before his appointment with Binance.US, Brooks led the Office of the Comptroller of the Currency (OCC) under former President Donald Trump. In this role, he oversaw the issuance of the first national banking charter to visa-backed crypto firm Anchorage Digital and pursued crypto-friendly policies while engaging with many prominent figures of the digital asset industry.

A few weeks ago, Brooks gave an extensive interview to Forbes, during which he highlighted his vision for Binance.US and said that he would like the company to go beyond the exchange business. 

Brooks was a high-profile addition to the Binance team, which has attempted to improve its reputation by bringing former regulators into its fold. His exit comes close on the heels of a similar departure of Binance’s Brazilian director, Ricardo Do Ros, who resigned from his position merely after six months of joining the company. The executive later revealed on LinkedIn that “there was a misalignment of expectations about my role and I made the decision according to my personal values.”

Brian Brooks Exit Adds to Regulatory Woes for Binance

Although neither Binance.US nor Brooks himself have provided further details to explain the abrupt resignation, the timing of this decision is certainly an addition to the exchange’s mounting troubles. In the last few months, Binance has been called out by regulating agencies in several countries for operating in violation of their laws. The exchange has also been blasted by authorities in the US on allegations of money laundering. 

Meanwhile, Binance has ceased the trading of derivatives in some countries in Europe and more recently in Hong Kong, to encounter further scrutiny of its operations.

 

Related News