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Crypto community is shocked by Brian Brooks resignation from Binance.US

After working as CEO of major crypto exchange Binance.US for less than four months, Brian Brooks announced Friday that he would step down., a move that was greeted with confusion and suspicion by the cryptocurrency community.

Citing “differences over strategic direction”, the now former CEO said who had already resigned from his position at Binance’s US affiliate. Brooks had been at the helm of the crypto exchange since taking over from the previous CEO, Catherine Coley, on May 1.

Greetings to the crypto community. I let everyone know that I have resigned as CEO of @BinanceUS. Despite differences over strategic direction, I wish my former colleagues every success. New exciting things are to come!

Changpeng Zhao, the CEO of Binance – a separate entity from its US subsidiary – said that Brooks’s resignation would not “impact Binance.US customers in any way”. He explained that:

“I remain confident in the Binance.US business and its commitment to serving its customers and innovating. […] As one of the largest cryptocurrency exchanges in the United States, Binance.US is poised to continue to grow and power the future of finance. “

However, some members of the cryptocurrency community they speculated that Brooks’ decision to leave the company was based on inside knowledge of the issues surrounding the global exchange Binance, possibly by regulators or other market forces.

Brian Brooks knows something important.

Others they connected the timing of its departure with the regulatory backlash facing Binance, which has led the exchange to backtrack or even cease to perform functions in certain regions. Regulators in Japan, the UK, Germany, and Canada have recently issued orders or warnings against Binance for various reasons.

BREAKING NEWS: Binance US CEO Brian Brooks announces his resignation after just a few months amid ongoing scrutiny from dozens of regulators, and agencies.

Binance has faced scrutiny even in the United States, and both the Justice Department and the Internal Revenue Service have investigated the company for alleged illegal business activity. Reportedly, the exchange is the subject of an investigation by the Commodity Futures Trading Commission in relation to alleged transactions by US clients.

Others they speculated that Brooks’ departure could be related to his belief that the cryptocurrency exchange business is not profitable in the long run. Those comments were made in an interview with Forbes weeks before his resignation.

Brian Brooks, former CEO of Binance US: “An exchange is not a profitable business in the long term.”

The overall conclusion of that interview, according Forbes writer Javier Paz, was the “inevitable management clash” at Binance.US, probably between Brooks and the board of directors. According to a Username From Twitter, “It must be horrible to work against your moral compass.”

Brian Brooks’ exclusive interview with my colleague @Steven_Ehrlich a few days ago revealed an inevitable managerial clash for @BinanceUS. The story is cited here by the illustrious @FT

I’m not surprised. It must be horrible working against your moral compass. You deserve something better. Maybe it’s time to start your own cryptocurrency business and apply your integrity to the fullest. I wish you the best in your future endeavors.

Some users they remembered that Brooks’s desire to pursue a “strong compliance program” had the full backing of the board of directors just a few months ago.:

Brian Brooks in May:

“I would not have taken this job if I did not have a strong commitment from the board to lead a strong compliance program.

The mood general on Crypto Twitter was that the resignation was “very strange”Especially considering all the buzz that had surrounded Brooks’s hiring just a few months earlier.

Something is wrong with binance

Cathrine Coley doesn’t even tweet at all anymore.

Brian brooks left

They blocked me.

Yes … A carpet roll on the way.

Binance.US CEO Brian Brooks resigns !!!

As of this writing, Brooks had yet to reveal his career plans. Prior to joining Binance.US, he held various high-profile positions at Coinbase and the Office of the Comptroller of the United States Currency..

With additional information from Turner Wright.

Keep reading:

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: [email protected] Phone: +1 513-209-1700

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