Former OCC Comptroller Brian Brooks Departs Binance.US CEO Position

Former acting Comptroller of the Currency Brian Brooks has announced his exit as CEO of Binance.US. Brooks has only been the Chief Executive of Binance.US since April 2021. Binance.us is a subsidiary of Binance – the largest cryptocurrency exchange in the world.

At the time of his hiring, Brooks said he looked forward to working with Binance.US’s talented team to promote its culture of compliance and continue to grow its product and service offerings across markets.

“I am eager to work closely with industry participants and policymakers to develop an enduring regulatory framework that enables Americans to reap the benefits of decentralized finance for generations to come.”

In a tweet,  Brooks said he had resigned as CEO adding that “despite differences over strategic direction, I wish my former colleagues much success. Exciting new things to come!”

 

Binance founder and CEO Changpeng “CZ” Zhao issued a statement on Brooks’ resignation stating “Brian’s work for Binance.US has been invaluable and we hope he will continue to be an integral part of the crypto industry’s growth, advocating for regulations that move our industry forward. We wish him the very best in his future endeavors.”

 

 

The news arrives at a time of heightened regulatory scrutiny of the entire crypto industry. SEC Chairman Gary Gensler has been stating in recent months that the industry needs more regulation sharing concerns over investor protection issues. Gensler has said it makes sense to start with crypto exchanges – many of which have operated as unregulated marketplaces.  Recently, Binance has been rushing to boost its compliance credibility by instituting new procedures in regards to anti-money laundering (AML) procedures and know your customer (KYC) processes. But these recent operational changes may not be enough to stop an inquiry from the Securities and Exchange Commission – a regulator that has not been hesitant to act beyond domestic borders.

As of this writing, Binance.us has not announced a replacement for Brooks.

 

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