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Binance: US head of the cryptocurrency exchange resigns after only three months – due to strategy differences

The chairman of the board of the US office of the global crypto exchange Binance, Brian Brooks, has resigned after only three months in office. Brooks announced his resignation on Friday (local time) on Twitter and also stated: “Despite differences over the strategic direction, I wish my former colleagues every success.”

Binance is headed by the Canadian Changpeng Zhao and offers worldwide services such as crypto, spot and derivatives trading via tokenized versions of stocks and its own cryptocurrency, the Binance Coin. In response to pressure from regulators, Binance has restricted some services for cryptocurrency betting or trading tokens that are linked to stocks and has pledged to increase its staffing for compliance with the regulations.

Binance was founded by the crypto billionaire in 2017 Changpeng Zhao was founded in China and within a few months rose to become the platform with the largest trading volume. Since then, the company’s headquarters have changed several times after the authorities demanded more control. In 2020, Malta’s financial regulator made it clear that it did not feel responsible for Binance. Malta is a member of the European Union, but on Wednesday the global Financial Action Task Force (FATF) put it on the “gray list” of countries to be observed due to a lack of cooperation against money laundering. Most recently, Zhao stated that Binance has no headquarters at all. The British financial regulator FCA located the holding company in the Cayman Islands, a British crown colony in the Caribbean.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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