People may have thought it was a hoax at first, or worse, the man’s Twitter account was hacked, but Binance US CEO Brian Brooks has officially resigned from the position after just four months on the job.
On Friday, August 6th, Brooks took to Twitter to make the announcement, citing differences in strategic direction between himself and the rest of Binance’s management team.
The company issued a statement almost immediately after Brooks’ announcement, stating that his departure would not affect transactions in any way and that Binance would continue to provide excellent “best in class” products and services to its customers.
For his part, Binance Us Chairman Changpeng Zhao expressed gratitude for Brooks’ work despite his short stay with the company. Zhao went on to say that he hoped that Brooks would serve as an advocate for the cryptocurrency sector who would call for regulations that would push the industry forward.
As of press time, Binance and Binance US have yet to announce whether a successor has been hired.
Meanwhile, the crypto community was stunned at the sudden news, with many watchers speculating that it may have to do with the regulatory heat Binance US has received recently. Indeed, the timing has been considered by some as suspect. Binance has had repeated warnings and issuances against it from regulators in the UK, Germany, Canada, and Japan.
Not the first to step down
Brooks’ resignation comes hot on the heels of another high-profile departure from the cryptocurrency company.
Last month, Binance Brazil director Ricardo da Ros tendered his resignation from the company, stating that he had not accomplished what he set out to do in his first six months with the organization. Da Ros further stated that there appeared to be a “misalignment of expectations” regarding his role in the company but he decided to quit based on his personal values.
Both Brooks and da Ros appear to have been hired strategically by Binance as a way to improve its standings with local and regional financial entities as they previously worked as corporate regulators within their home countries.
Brooks, in particular, served as the head of the Office of the Comptroller of the Currency (OCC) during the Trump administration. The OCC is responsible for regulating banks and related institutions in the United States.
A troubled time for Binance
By all indications, there appears to be a changing of the guards at Binance. The dual resignation is just the most recent event in a running spate of corporate and regulatory issues currently plaguing Binance and its subsidiaries across the globe.
On June 27th, the UK’s Financial Conduct Authority (FCA) banned the company from doing any regulated business within Great Britain and Northern Ireland.
According to the FCA mandate, Binance or its local subsidiary Binance Markets would be required to seek the FCA’s written consent prior to engaging in trading or other activities.