More trouble for Binance as Brian Brooks resigns as Binance U.S CEO

Brian Brooks has resigned as the CEO of Binance.US, just three months after taking the job due to “differences over strategic direction.”
Brooks was the former Comptroller of the Currency and gave Binance much-needed legitimacy in the face of regulators.

Things just can’t seem to stop going wrong for the embattled king of cryptocurrency exchanges – Binance. The exchange has now lost one of its leaders, just three months since he took the helm. Brian Brooks has resigned as the CEO of Binance U.S, citing differences over strategic direction, even as the exchange continues to face unceasing pressure from regulators worldwide.

Brooks took to Twitter to announce that he had stepped down from his role. He stated:

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 has barely been the CEO of the U.S arm of the global exchange for three months. When he took office on May 7th, Binance hadn’t started going through regulatory scrutiny and was thriving as crypto prices soared. Since then, however, it’s been one blow after another for the exchange.

Addressing Brooks’ departure on Twitter, CEO and founder Changpeng Zhao described his short tenure at the exchange as “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.”

In a statement by Binance U.S, CZ further assured users that the departure would not in any way affect the exchange’s operations and that “the company will continue to deliver best-in-class products and services.”

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

When it rains, it pours

Before joining Binance U.S, Brooks was the Acting Comptroller of the Currency, a role in which he endeared himself to the cryptocurrency community. During his stint, he oversaw the OCC issue the first national banking charter to a cryptocurrency company – Anchorage Digital. The regulator also cleared the way for banks to start holding collateral underpinning stablecoins.

He went into Binance U.S with a lot of ambition, stating that he wanted to transform it into something bigger than just a mere exchange. In his time at the exchange, it onboarded an impressive number of cryptocurrencies, most recently ANKR and AMP. He also recently revealed that the exchange was in the process of an ‘impressive fundraising’ and that term sheets had already been signed.

Brooks has turned down media requests to shed more light on the differences that made him step down from his role. Binance has also refused to comment on the matter.

Brooks’ resignation comes at a time when one regulator after another turn their attention on the exchange. From Japan’s FSA to the U.K’s FCA, Germany’s BaFin to America’s DoJ and CFTC, regulators have either asked Binance to cease services or issued a warning that it’s non-compliant.

Also Read: Binance cuts off Hong Kong users from derivatives trading

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