Binance.US has hired a former Californian regulator as its chief administrator. Binance.US also stated that it is not in any way associated with Binance Holdings Ltd.
Manuel Alvarez has been appointed as the new Chief Administrator of Binance’s US subsidiary. The bitcoin exchange is overseen by another ex-regulator, Brian Brooks, an ex-bank regulator who hired Alvarez for the job.
Alvarez is from the former California Department of Financial Protection and Innovation. His start date has been set for July 22nd. Alvarez will report directly to Brian Brooks, the CEO of Binance.US.
Binance.US could be affected by the raging Binance Holdings Ltd. scandal, which has resulted in increased regulatory restrictions against them by a number of countries.
Instead of decreasing the risk of rubbing numerous countries the wrong way, Brooks claimed that Binance.US is distinct from Binance Ltd, with the only thing in common being the founder, crypto billionaire Changpeng Zhao.
Binance.US, on the other hand, has been registered in the name of Binance.
“How do you allow decentralization to occur, how do you bring these assets to the market, while ensuring good risk management, compliance with the law, the disclosure of what you’re selling to your customers, and that kind of thing?” Brooks said in an interview with Bloomberg Television.
Brooks was recently employed by Binance.US in May. He is in charge of executing the expansion of the company’s various teams.
From compliance and legal to risk management, Binance.US is actively filling posts in order to go public as soon as possible. The public launch is part of Binance.US’s five-year strategy.
“Bringing on someone like Manny, who was the regulator responsible for the protection of over 40 million consumers, shows not only do we take this seriously, but we’re not going to be defensive about compliance and consumer protection…We’re going to be on the front foot, so we will hire the very best talent, the very most senior people to run those functions for us because we agree they’re super important.” Brian Brooks told Bloomberg.