Tuesday, August 16, 2022

Binance CEO Brian Brooks steps down amid rising regulatory scrutiny.

The Takeaway:

The former acting Comptroller of the Currency Brian Brooks has resigned as the CEO of Binance U.S. amid the rising regulatory scrutiny.

The former acting Comptroller of the Currency Brian Brooks has resigned as the CEO of the crypto exchange giant Binance U.S. after just over three months. He cited “differences over strategic direction.” Brooks announced Friday on Twitter that he has resigned from Binance. He 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.”


Zhao says the transition will not impact Binance US customers.

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


Binance continues to face regulatory scrutiny. 

As reported earlier, several financial regulators worldwide have been issuing 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. Earlier, Binance’s CEO commented on the mounting regulatory scrutiny, stating that the exchange had been looking for a CEO with a strong compliance background. Furthermore, he said that they want 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.”

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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