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Wednesday, October 27, 2021

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Binance.US Steps Up Compliance Efforts With New Appointment

Binance’s hiring wave appears to be endless, with its US arm announcing today the appointment of a new chairman, Brian Shroder. This appointment comes weeks after former CEO Brian Brooks left the company shortly after starting his tenure.

Shroder will be tasked with overseeing the strategy, execution, fundraising, business and corporate development of Binance.US. In addition, the new president will have responsibility for managing his legal, human resources and products and technology functions, a company statement said.

Prior to this foray into the crypto industry, Shroder was Head of Development and Global Partnerships at Ant Group and Head of Strategy and Business Development for Uber in the Asia-Pacific region. In reaction to his appointment, Shroder commented:

“In less than two years, Binance.US has established itself as a profitable and compliant company… I look forward to sharing our exciting story with the broader investment community as we begin our journey to IPO.”

Since the company began to be harassed by regulatory bodies around the world, it has increasingly intensified its efforts to achieve compliance. An important step towards the same has been appointing new faces to key roles within the company, whether they are former regulators or executives from non-crypto industries.

This is expected to provide Binance with industry and regulatory information. And this could be crucial to escape future repressions.

Earlier last month, Binance Singapore announced the appointment of Richard Teng, former chief regulatory officer of the Singapore Exchange, as its new CEO. However, this clear step towards improving regulatory relations did not go unnoticed by the authorities.

In fact, last week, Binance.com was placed on the Singapore Investor Alert List. Shortly after, the platform discontinued offering any service to clients in the country.

That doesn’t mean the company is out of the muddy waters, because it hardly is. The US branch of Binance has faced quite a few problems on its own. Former CEO Brian Brooks resigned from the company last month months after joining it. This was reportedly due to compliance hiccups and regulatory scrutiny facing its sister company, Binance Holdings Limited.

The aforementioned development could be the first step towards the realization of Binance US desire to follow in Coinbase’s footsteps and go public. Right now, 2024 points to the same thing.

This is a machine translation of our English version.

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: Tammy@oicanadian.com Phone: +1 513-209-1700

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