Crisis rock Binance exchange as US CEO resigns

Changpeng Zhao

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TL;DR Breakdown

  • Binance US CEO, Brooks, resign
  • Brooks resignation hints at friction in Binance

In the wake of series of crackdown Binance exchange faces, another internal crisis appear to have set in for the number one crypto exchange firm.

Binance US CEO, Brian Brooks, a former head of the Office of the Comptroller of the Currency, has resigned as CEO of the exchange US entity less than five months after his appointment.

Brooks announced his resignation himself on Friday, stating that differences over strategic directions necessitated it.

He did not explain further why he resigned in the tweet.

Greetings #crypto community. 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! Brian wrote in his tweet.

In response to his resignation, Binance CEO Changpeng Zhao said that the transition will have no effect on BinanceUS customers in any way.

What Brooks resignation means to Binance exchange

One thing that can be said around the resignation is the fact that Binance exchange CEO, over time, has continued to express a desire to hire regulation professionals into high offices in the firm to aid their compliance and build a bridge with regulators across the world.

One of Changpeng Zhao’s strategies is to get Binance out of the back and front with regulators globally.

Evidently, Binance exchange never wanted to lose a CEO like Brooks with his many years of experience at the Comptroller of the Currency office.

Similarly, when Brooks just joined Binance in April, he said he aims to make Binance.US a robust competitor to Coinbase and reinforce its commitment to regulatory compliance.

“I wouldn’t have taken this job if I didn’t have a strong commitment from the board to lead a strong compliance program,” said Brooks.

It looked like Binance and Binance US strengthened their compliance game with recent hires upon his appointment.

One recent hire by Binance was Max Baucus, who served decades in the US Senate and later as an ambassador to China to guide navigating.

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Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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