Binance.US CEO resigns months into role

According to Linkedin, Brian Brooks was only CEO of Binance.US for four months

                                
Binance logo - Photo:Shutterstock
                                

Binance.US, CEO, Brian Brooks is stepping down just months after taking up the role. Binance.US is the US arm of the global cryptocurrency exchange, Binance.

Prior to Binance.US, Brooks was former chief legal officer at Coinbase.

Brooks who started his role at Binance.US in May, on the 6 August, tweeted: “Letting you all know that I have resigned as CEO of Binance.US. Despite differences over strategic direction, I wish my former colleagues much success.”

Changpeng Zhao, the CEO of Binance also tweeted in reaction to this decision, stating that: “Brian’s work for Binance.US has been invaluable” but “this transition will not impact Binance.US customers in any way”.

Resignation comes at time of increasing regulation pressure

In July, Binance updated its website and app with a notice about Binance Markets ltd (BML) as requested by the UK’s Financial Conduct Authority (FCA).

BML was told to stop all its regulated activities in the UK by 27 June by the FCA and that it must cease all regulated activities with “immediate effect”.

The financial watchdog pointed out that while it did not regulate cryptoassets, such as bitcoin or ethereum, it did regulate certain cryptoasset derivatives, such as futures contracts, contracts for difference and options, as well as those cryptoassets it considered to be securities.

Barclays puts a stop to customers transferring funds to Binance

Barclays Bank customers in the UK can no longer transfer funds to Binance, as it has banned any payments made by credit or debit card to the exchange until further notice.

Replying on Twitter, the London-based bank said: “It’s our responsibility to help protect your money.” It added: "With this in mind we’ve taken the decision to stop payments made by credit/debit card to Binance until further notice, to help keep your money safe.”

Customers received a phone text message from the bank to alert them about the move.

In a series of tweets, Binance responded saying that it was “disappointed to learn that some partners are taking unilateral action to stop servicing Binance users based on what appears to be an inaccurate understanding of events”.

Currency.com contacted Binance for a comment on the matter but received no reply. 

Further reading: Binance issues clarification about FCA trading ban

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