Changpeng Zhao said Brooks stepping down would certainly not “affect Binance.US clients at all.” The cryptocurrency community has different ideas.
After functioning as the CEO of significant cryptocurrency exchange Binance.US for less than 4 months, Brian Brooks announced Friday he would be stepping down- an action that was greeted with confusion and uncertainty from the crypto community.
Citing “differences over strategic direction,” the now-former CEO stated he had currently surrendered his position at Binance’s U.S. arm. Brooks had been leading the crypto exchange given that changing former CEO Catherine Coley on May 1.
Changpeng Zhao, the CEO of Binance– a separate entity from its U.S. arm– said Brooks stepping down would not “impact Binance.US consumers in any way.” He described:
I remain confident in Binance.US’s business and its commitment to serve its customers and innovate […] As one of the largest cryptocurrency exchanges in the United States, Binance.US is poised to continue to grow and empower the future of finance.
However, members of the outspoken crypto community guessed that Brooks’ decision to leave the company was based on internal knowledge concerning issues surrounding the global Binance exchange, perhaps from regulators or other market forces.
Others attached the timing of his separation to the regulatory reaction facing Binance, which has forced the exchange to roll back or even cease operations in certain areas. Regulatory authorities in Japan, the United Kingdom, Germany, and Canada have lately issued orders or warnings against Binance for various factors.
Binance has faced scrutiny also in the USA, with the Department of Justice and Internal Revenue Service checking out the company for claimed illegal trading tasks. The exchange is supposedly the subject of an examination by the Commodity Futures Trading Commission regarding alleged trade by U.S. customers.
The basic takeaway from that meeting, according to Forbes writer Javier Paz, was the “inevitable clash of direction” at Binance.US, likely in between Brooks and the board of directors. According to one Twitter user, “It must be awful working against your moral compass.”
The general state of mind on Crypto Twitter was that the resignation was “very strange,” especially given all the excitement surrounding Brooks’ hiring just a few months earlier.
At the time of writing, Brooks has yet to divulge his career plans. Before joining Binance.US, he offered several top-level functions at Coinbase and the Unites States Office of the Comptroller of the Currency.
