Binance US CEO Steps Down After Just Three Months
Brian Brooks is stepping down as chief executive officer of crypto exchange Binance US after just three months in the role.
Brooks stood as acting US Comptroller of the Currency from May 2020 to January 2021, having previously served as Chief Legal Officer of Coinbase Global. He became chief executive officer of Binance US at the start of May this year.
However, during Brooks’ short time as CEO, Binance faced several regulatory issues around the world. In June, the Financial Conduct Authority ruled that Binance could no longer conduct any “regulated activity” within the United Kingdom. Similarly, watchdogs in Japan, Thailand, Hong Kong, and Germany also took action against Binance over AML and consumer protection concerns. Binance offers a wide range of services to consumers globally, from tokenised versions of stocks to crypto spot and derivatives trading, as well as its own cryptocurrency.
In a tweet, Binance CEO Changpeng Zhao said that Brook’s work for Binance US had been invaluable and that he hopes Book’s will continue to be an integral part of the crypto industry’s growth moving forward. Brooks has cited “differences over strategic direction” as his reason for resigning from the chief executive role.