{"id":7377,"date":"2021-08-08T00:38:59","date_gmt":"2021-08-07T23:38:59","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=7377"},"modified":"2021-08-08T00:39:05","modified_gmt":"2021-08-07T23:39:05","slug":"brian-brooks-departure-from-binance-us-shock-the-cryptocurrency-community","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/brian-brooks-departure-from-binance-us-shock-the-cryptocurrency-community\/","title":{"rendered":"Brian Brooks’ departure from Binance.Us shock the cryptocurrency community"},"content":{"rendered":"\n
Brian Brooks announced his resignation as chief executive officer of major cryptocurrency exchange Binance.US<\/a> on Friday, a move that elicited uncertainty and scepticism from the crypto community.<\/h5>\n\n\n\n
\"Brian<\/figure>\n\n\n\n

The now-former CEO stated that he had already resigned from his role as CEO of Binance's US subsidiary due to “differences over strategic direction.” Brooks has been leading the cryptocurrency exchange since May 1, when she took over from former CEO Catherine Coley.<\/p>\n\n\n\n

Greetings\u00a0#crypto\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>\u00a0community. Letting you all know that I have resigned as CEO of \u2066\u2066\u2066@BinanceUS<\/use><\/svg><\/span><\/a>\u2069 . Despite differences over strategic direction, I wish my former colleagues much success. Exciting new things to come!<\/p>\u2014 Brian Brooks (@BrianBrooksUS)\u00a0August 6, 2021<\/use><\/svg><\/span><\/a><\/cite><\/blockquote>\n\n\n\n

Brooks' departure would have no influence on Binance, according to Changpeng Zhao, the CEO of the company's Chinese arm. Customers in the United States in any way.\u201d He elaborated:<\/p>\n\n\n\n

\u201cI 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<\/a> is poised to continue to grow and empower the future of finance.\u201d<\/p><\/blockquote>\n\n\n\n

Members of the outspoken crypto community, on the other hand, speculated that Brooks' decision to leave the company was based on internal knowledge of difficulties surrounding the global Binance exchange, which might have come from regulators or other market factors.<\/p>\n\n\n\n

Brian Brooks knows something big https:\/\/t.co\/lLhErXNBw4<\/p>\u2014 Ivan on Tech – Made with Moralis \u200d (@IvanOnTech) August 6, 2021<\/cite><\/blockquote>\n\n\n\n

Others linked his departure to Binance's regulatory woes, which have forced the exchange to scale back or possibly shut down operations in certain regions. For various reasons, regulators in Japan, the United Kingdom, Germany, and Canada have recently issued orders or warnings against Binance.<\/p>\n\n\n\n

BREAKING: Binance US CEO Brian Brooks announces his resignation after just a few short months amid ongoing scrutiny from dozens of regulators, and agencies.\u00a0pic.twitter.com\/00KbVka0sr<\/use><\/svg><\/span><\/a><\/p>\u2014 CryptoWhale (@CryptoWhale)\u00a0August 6, 2021<\/use><\/svg><\/span><\/a><\/cite><\/blockquote>\n\n\n\n

Even in the United States, Binance has being investigated by the Department of Justice and the Internal Revenue Service for possible unlawful trading behaviour. According to reports, the Commodity Futures Trading Commission is looking into purported trades by US consumers on the exchange.<\/p>\n\n\n\n

Others claimed that Brooks' departure was linked to his conviction that the crypto exchange business is not long-term lucrative. Those remarks were made in a Forbes interview just weeks before he resigned.<\/p>\n\n\n\n

Ex-Binance US CEO Brian Brooks: \u201cAn exchange is not a profitable long term business.\u201d

SBF: \u201c\u2026.?\u201d\u00a0pic.twitter.com\/xsd9kAJNDz<\/use><\/svg><\/span><\/a><\/p>\n\n\n\n

\u2014 Alan (@AlanStacked)\u00a0August 6, 2021<\/use><\/svg><\/span><\/a><\/p>\n\n\n\n

According to Forbes reporter Javier Paz, the main takeaway from that interview was the \u201cinevitable clash of direction\u201d at Binance.US, most likely between Brooks and the board of directors. \u201cIt must be awful working against your moral compass,\u201d one Twitter user said.<\/p>\n\n\n\n

The exclusive interview that Brian Brooks gave my colleague @Steven_Ehrlich<\/use><\/svg><\/span><\/a> a few days ago unveiled an inevitable clash of direction for @BinanceUS<\/use><\/svg><\/span><\/a>. The story here quoted by the illustrious @FT<\/use><\/svg><\/span><\/a> https:\/\/t.co\/Qv9hBuuvG5<\/use><\/svg><\/span><\/a>\u2014 Javier Paz (@eltrade) August 7, 2021<\/use><\/svg><\/span><\/a><\/p><\/blockquote>\n\n\n\n

Not surprised. It must be awful working against your moral compass. You deserve better. Maybe it\u2019s time to start your own crypto business and apply your integrity to the fullest. Wish you all the best in your future endeavours.\u2014 CONSENSUS (@EnableConsensus) August 6, 2021<\/use><\/svg><\/span><\/a><\/p><\/blockquote>\n\n\n\n

Brooks' determination to pursue a “strong compliance programme” had the full support of the board just a few months ago, according to some users:<\/p>\n\n\n\n

Brian Brooks in May:

\u201cI wouldn\u2019t have taken this job if I didn\u2019t have a strong commitment from the board to lead a strong compliance program\u201dhttps:\/\/t.co\/kL7xy6HK8B<\/use><\/svg><\/span><\/a><\/p>\u2014 Blockworks (@Blockworks_)\u00a0August 6, 2021<\/use><\/svg><\/span><\/a><\/cite><\/blockquote>\n\n\n\n

The resignation was viewed as “very strange” on Crypto Twitter, especially given the euphoria around Brooks' hire just a few months prior.<\/p>\n\n\n\n

Very strange\u2026\u00a0https:\/\/t.co\/dzoWctdyS9<\/use><\/svg><\/span><\/a><\/p>\u2014 antonio cantalapiedra asensio (@tonikant)\u00a0August 7, 2021<\/use><\/svg><\/span><\/a><\/cite><\/blockquote>\n\n\n\n

Something isn\u2019t right at binance

Cathrine Coley doesn\u2019t even tweet anymore at all.

Brian brooks rolled out

They blocked me.

Yeah..Rug Pull in coming.<\/p>\u2014 Dxron – I Steal Whale Money. (@Dxron2)\u00a0August 7, 2021<\/use><\/svg><\/span><\/a><\/cite><\/blockquote>\n\n\n\n

#Binance<\/use><\/svg><\/span><\/a>\u00a0U.S. CEO Brian Brooks resigns!\u274c

Read NOW!\u00a0https:\/\/t.co\/3Drrbn2YXa<\/use><\/svg><\/span><\/a>\u00a0pic.twitter.com\/JtbIHenjf8<\/use><\/svg><\/span><\/a><\/p>\u2014 Investing.com (@Investingcom)\u00a0August 6, 2021<\/use><\/svg><\/span><\/a><\/cite><\/blockquote>\n\n\n\n

Brooks has yet to reveal his future plans as of this writing. He held many high-profile positions at Coinbase and the US Office of the Comptroller of the Currency <\/a>before joining Binance.US<\/a>.<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Brian Brooks announced his resignation as chief executive officer of major cryptocurrency exchange Binance.US on Friday, a move that elicited uncertainty and scepticism from the crypto community. The now-former CEO stated that he had already resigned from his role as CEO of Binance’s US subsidiary due to “differences over strategic direction.” Brooks has been leading […]<\/p>\n","protected":false},"author":13,"featured_media":7378,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[834],"tags":[1182],"class_list":["post-7377","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binance","tag-binance-us"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/08\/image-74.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/7377","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=7377"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/7377\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/7378"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=7377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=7377"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=7377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}