Brian Brooks resigned as the Binance US CEO after he replaced Catherine Coley three months ago as we reported in our latest Binance news today.
The former general counsel of the crypto exchange Coinbase and the former Acting Comptroller of the currency, Brian Brooks resigned as the Binance.US CEO after taking over in May. He announced the news and wrote:
“Despite differences over strategic direction, I wish my former colleagues much success. Exciting new things to come!”
Among the crypto industry followers, Brooks became quite popular during his 10 months running the Office of the Comptroller of the Currency which is a branch within the Treasury Department that regulates federal banks and credit unions. During his time at the OCC, the independent bureau flexed by issuing regulatory guidance which charted banks could use blockchain-based payments and issue their own stablecoins which are digital assets designed to mimic the dollar or other assets.
— Binance.US (@BinanceUS) August 6, 2021
Brooks’s appointment to Binance.US came as a surprise as it resulted in the resignation of then-CEO Catherine Coley. Coley hasn’t yet commented on the situation and still listed her former title on social media accounts as CEO of Binance.US. The CEO of binance, Changpeng Zhao thanked Brooks for his service and wrote in a statement on Twitter:
“Brian’s work for Binance.US has been invaluable and we hope he will continue to be an integral part of the crypto industry’s growth, advocating for regulations that move our industry forward. We wish him the very best in his future endeavors.”
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!
— Brian Brooks (@BrianBrooksUS) August 6, 2021
The US branch of the exchange assured customers that this platform is still among the top 10 for trading volume and the decision will not impact the activities of the exchange.
As recently reported, Binance restricted derivatives products in Hong Kong effective immediately so now users will no longer be able to open new derivatives products accounts. This is not the first time Binance made a decision to pull the derivatives from the exchange but a week ago, Binance did announce it was winding down its futures and derivatives products for the EU market. At the time, the exchange said that the shutdown will start in Germany before moving to the Netherlands and Italy. A month ago, the UK Financial Conduct Authority issued a consumer warning which said that Binance was not permitted to undertake a regulated activity in the UK.