In a message posted on twitter this Friday afternoon, Brian Brooks, the chief executive officer (CEO) of Binance US has announced that he is stepping down as CEO of U.S. Arm of the world’s largest cryptocurrency exchange Binance.US, after holding the position for about three months.

Brooks in a tweet said “Greetings crypto community. Letting you all know that I have resigned as CEO of ???@BinanceUS? . Despite differences over strategic direction, I wish my former colleagues much success. Exciting new things to come!”.There was no further reason given for the resignation. As per report, Brooks’ resignation may signal implement greater cryptocurrency regulation from lawmakers. This week US Securities and Exchange Commission Chairman Gary Gensler also declared about making crypto exchange regulation a priority. The industry is also currently watching Congress, which will vote on a bill impacting cryptocurrency tax collection as early as Saturday. As said by Changpeng Zhao, CEO of Binance and chairman of the U.S.-based exchange "this transition will not impact BinanceUS customers in any way.".

The parent company Binance.com in May was investigated by the Justice Department and Internal Revenue Service for illicit trading activity in the digital assets market. In June, the Financial Conduct Authority ruled that the exchange cannot operate any “regulated” services in the United Kingdom.

In May, Brian Brooks joined Binance.US as CEO, taking over from Catherine Coley, tech, and finance executive formerly with Ripple and Silicon Valley Bank. Brook started his role at the U.S.-based firm on May 1. He got into the position on May 7th after a highly productive role as the Acting Comptroller of the Currency, where he supervised the federal banking regulator issue the first national banking charter to a cryptocurrency company, Anchorage Digital. He also provided guidance and interpretive letters, enabling the banks to hold collateral underpinning stablecoins and thereby participate in the clearance and settlement on blockchain-based transactions. 

Indrani bose

CBW - External Analyst

INDIA