Brian Brooks has announced that he has stepped down as chief executive officer of Binance.US.
Brian Brooks, formerly a leading U.S. banking regulator, joined the United States branch of crypto exchange Binance back in April. However, he took to Twitter late on August 6 to announce he was departing the role.
“Letting you all know that I have resigned as CEO of Binance US,” his tweet said. “Despite differences over strategic direction, I wish my former colleagues much success. Exciting new things to come!”
Changpeng Zhao (CZ), founder and CEO of Binance, who also serves as Chairman of the Board at Binance.US issued an official statement regarding the resignation. In the statement, he reassured the exchange’s users that the transition would not impact them in any way.
CZ followed this statement up with another from his own Twitter account, where he referred to Brooks’ work with Binance.US as “invaluable.”
“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.”
Brooks’ departure comes only three weeks on from that of another high-ranking Binance employer; namely, director of the exchange’s Brazilian arm Ricardo Da Ros. Like Brooks, Da Ros had only served in his role for a few months prior to his resignation in mid-July. The executive stated on his LinkedIn profile that he was departing the company on account of “a misalignment of expectations.”
Binance’s recent troubles
The resignations of Brooks and Da Ros have come amid the increasing scrutiny faced by Binance in the last few weeks. Regulators in a number of countries including Japan, the U.K., Hong Kong, Italy, and Lithuania have made moves against the exchange. In some cases, they have just issued warnings; in others, they have enforced restrictions.
More recently, Binance has been severing certain ties with its international users. Reports revealed the exchange had restricted derivatives product offerings in Hong Kong. Effective as of their announcement on August 6, Binance users in Hong Kong were no longer able to open new derivatives product accounts.
This move follows similar shutdowns in Europe that the exchange enforced at the end of July. A few days prior, reports stated that Binance had halted margin trading with the Australian dollar, the euro, and the pound sterling.
However, while burning bridges in some places, Binance has been building them in others. On August 5, it was announced that they had forged a partnership with crypto technology payment provider Alchemy Pay to bring Binance Pay to more international merchants. This announcement came shortly after the revelation that the Hermitage Museum in St. Petersburg, Russia, would auction rare art as non-fungible tokens (NFTs) in partnership with Binance.