Brian Brooks, the former acting Comptroller of the Currency at the U.S. Office of the Comptroller of the Currency, who also worked with Coinbase as its former Chief Legal Officer, has announced his resignation as CEO of Binance.US, the American branch of Binance, the global cryptocurrency exchange which has been the subject of recent regulatory oversight across the crypto industry.
In a tweet, Brooks shared that the decision to step down from Binance.US was due to “differences over strategic direction”.
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 Brooks (@BrianBrooksUS) August 6, 2021
Based on Brooks’ tweet, it seems that the former CEO is parting ways with Binance on good terms. The crypto community quickly connected the former executive’s departure from Binance to the series of regulatory scrutiny that the crypto exchange has been subjected to over the past couple of months, prompting Binance to either cease or limit operations in several regions globally.
A number of regulatory agencies from across the world have also issued orders and warnings against Binance and its affiliate companies, with the U.K.’s Financial Conduct Authority leading the first of a slew of admonitions against the firm. Japan, Germany, and Canada have also released similar statements on Binance.
Brooks came to the crypto spotlight when, as a government offificial working in the Treasury Department, he made way for federally chartered banks to be able to use blockchain-based payment systems and issue their own stablecoins. This was an unprecedented and welcome change from a regulatory agency.
Brooks was appointed as CEO of Binance.US on May 1st, 2021, succeeding former CEO Catherine Coley. Brooks held the position for three months. At the time of his appointment as CEO, Brooks said:
“I wouldn’t have taken this job if I didn’t have a strong commitment from the board to lead a strong compliance program.”
Binance CEO Changpeng Zhao thanked Brooks for his service, saying that he hopes the former executive would continue to advocate for “regulations that move our industry forward.”
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
Binance.US assured its users and regular traders that the executive transition will not affect its operations in any way.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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