News

Binance US CEO Steps Down as the Crypto Exchange Faces Rising Regulatory Scrutiny

Former acting Comptroller of the Currency Brian Brooks has resigned as the CEO of Binance U.S. after just over three months. He cited “differences over strategic direction.” Meanwhile, Binance is facing regulatory scrutiny worldwide, including in the U.K., Malaysia, Japan, Cayman Islands, Hong Kong, Thailand, Germany, and Lithuania.

CEO of Binance US Resigns

The CEO of Binance U.S., Brian Brooks, announced Friday on Twitter that he has resigned from Binance. The former acting Comptroller of the Currency and former chief legal officer at cryptocurrency exchange Coinbase tweeted:

Greetings crypto community. 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.

Brooks joined Binance at the beginning of May following his resignation as acting Comptroller of the Currency on Jan. 14, before President Joe Biden took office.

Responding to Brooks’s announcement, Binance U.S. posted a message on Twitter from Changpeng Zhao, CEO of Binance and chairman of the board at Binance U.S.

“I remain confident in Binance.US’s business and its commitment to serve its customers and innovate,” he wrote. “This transition will not impact Binance.US customers in any way as the company will continue to deliver best-in-class products and services.”

Former Financial Regulator Resigns as CEO of Binance US Amid Rising Global Regulatory Scrutiny

Wishing the former acting comptroller “the very best in his future endeavors,” Zhao further tweeted, “We hope he will continue to be an integral part of the crypto industry’s growth, advocating for regulations that move our industry forward.”

A number of regulators worldwide have issued warnings about Binance, including those in the U.K., Malaysia, Japan, Cayman Islands, Hong Kong, Thailand, Germany, and Lithuania.

Several banks in the U.K. have also suspended payments to Binance, including Barclays, Santander, Natwest, and HSBC.

In a recent interview, Binance’s CEO commented on the mounting regulatory scrutiny, stating that Binance had been looking for a CEO with a strong compliance background. Furthermore, he said that the company wants to be regulated everywhere and become a financial institution. Zhao also tweeted Friday that Binance is “pivoting from reactive compliance to proactive compliance,” asking people to “stay tuned.”

What do you think about Brian Brooks resigning as the CEO of Binance US? Let us know in the comments section below.

Tags in this story
Binance CEO, binance compliance, binance regulation, Binance.us, brian brooks, Changpeng Zhao, Coinbase, comptroller of the currency, CZ, OCC, Regulation, regulatory scruitny

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer
Show comments