The now ex-CEO quoted “differences about the strategic direction” between him and BinanceUS
Binance has had a long couple of months. After facing warnings from regulators in the UK, Japan, Cayman Islands and, more recently, Malaysia, UK banks Barclays, Santander and Natwest have all started blocking payments to the stock market, while euro bank deposits via SEPA have also been suspended.
Regulatory pressures have led to recent changes in Binance’s product and service offering. Last month the exchange announced that it was “Processing of support for share tokens”, which Germany’s financial regulator had previously suspected, is likely to violate securities regulations. Just last Friday, the exchange also announced that it was restricting its range of derivatives in Hong Kong.
But Binance doesn’t seem out of the woods yet. On Friday evening, BinanceUS CEO Brian Brooks announced his resignation.
“Regards #Crypto communityBrooks tweeted. “I want you all to know that I have resigned as CEO of @BinanceUS. Despite different strategic orientations, I wish my former colleagues every success. Exciting new things are yet to come! ”
Brooks had only been in office three months after replacing Catherine Coley on May 1. Brooks was previously Chief Legal Officer at Coinbase and acting head of the Office of the Comptroller of the Currency under the Trump administration.
Priorities for Brooks as CEO of BinanceUS included helping the exchange compete with Coinbase and satisfying regulatory concerns.
“I wouldn’t have accepted this job if I hadn’t had a strong commitment from the board of directors to lead a strong compliance program.”“He said at the time. It’s unclear whether the current regulatory issues were a factor in Brooks’ departure.
Shortly after Brooks’ tweet, BinanceUS shared a statement from Binance’s CEO and BinanceUS chairman Changpeng Zhou.
“I remain confident in Binance.US’s business and its commitment to serving its customers and innovating, ”he said. “As one of the greatest Cryptocurrency exchanges in the United States, Binance.US is poised to continue growing and empowering the future of finance. This transition will not affect Binance.US customers in any way as the company will continue to provide world class products and services. “