Brian Brooks, the head of U.S. operations for the Binance cryptocurrency exchange, has stepped down after just three months in the post, he tweeted.
Greetings #crypto community. I let you know that I have resigned as CEO of@BinanceUS. Despite the differences on the strategic direction, I wish my former colleagues every success. New exciting things to come!
– Brian Brooks (@BrianBrooksUS) August 6, 2021
Brooks brought a sterling resume to the post, having served as the Federal Government’s Interim Comptroller of Currency under President Donald Trump and Chief Legal Officer of Coinbase. He is leaving Binance because he faces many regulatory issues in other parts of the world.
This sudden departure comes as Binance’s main global exchange, Binance.com has come under intense scrutiny this year from regulators in the UK, Germany, Japan and Hong Kong, among other things, because of concerns about lax consumer protection and anti-money laundering practices, âa Financial Times article on Brooks’ exit reports.
According to the newspaper, Binance’s troubles have led some longtime financial players to stop doing business with the company.
In the introduction of an interview with Forbes published last week, the magazine stated that Binance is the world’s largest cryptocurrency exchange.
In the Forbes interview, Brooks said Binance US is emerging from the global conglomerate.
âAs we work on our first round of venture capital funding, we will have additional US board members who will not have ties to Binance.com,â he said. âThe point is, you might think of us as a franchise; we have licenses to use the brand, we have licensed certain technologies, we are also innovating a technology of our own. And that’s the link. “
A week ago, Binance founder Changpeng Zhao announced he was stepping down as head of the Cayman Islands-based company.
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Earlier in July, Italian regulators banned Binance from doing business there, but company officials told Reuters they were not operating there in the first place.
See also: Bitcoin Daily: Binance excluded from Italy; PayPal increases cryptocurrency limits
And in early July, the Wall Street Journal reported, Binance’s online platform froze for about an hour, prompting some users to request refunds for lost money.
Read more: Binance users want money after problem after crypto crash