Despite “differences over strategic direction,” Brian Brooks announced his resignation in a Friday tweet, wishing his colleagues well.
Brian Brooks, the CEO of Binance US, is stepping down after only a few months on the job, citing a litany of compliance issues and regulatory investigations involving the crypto exchange’s sister firm.
Brooks announced his departure in a Friday tweet, noting that despite “differences over strategic direction,” he wished his colleagues well.
Binance Holdings Ltd., the world’s largest cryptocurrency exchange, shares the same name as the US corporation.
The US Justice Department is investigating whether Binance Holding’s platform has assisted money laundering and tax fraud. Several countries have launched investigations and ordered Binance affiliates to stop operating within their borders.
Changpeng “CZ” Zhao, the CEO of Binance Holdings, announced last month that he will step down once a replacement is found, that the business would make modifications to get licences in various jurisdictions, and that he would select many regional executives.
INCREASING NUMBER OF SCAMS IN CRYPTOS
Officials in the United States have long been concerned that criminals are concealing transactions tied to everything from drug trafficking to ransomware cyberattacks through cryptocurrency exchanges.
In light of this, employing a former bank regulator like Brooks was considered as a move that may lend Binance.US more legitimacy and give government watchdogs confidence in the company’s compliance.
Brooks told Bloomberg in a May interview that explaining to regulators that the corporation has a “heavily compliance-focused approach” is a crucial part of his job.
WHAT TWITTER SAYS?
A twitter user said that “It’s only been tgree months and the CEO resigned.”
Another user mocked the crypto exchange firm regarding the CEO’s tenure.
“Binance US was founded two years ago and already two CEOs have joined and then left. There is no way you can make that look good,” A user wrote.
Brooks attempted to downplay his ties to Binance Holdings during the interview. Binance, he said. US is a separate company that just licences the Binance name and some of its technologies in exchange for a fee.
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