Brian Brooks, who previously worked as an advisor to cryptocurrency exchange Coinbase and later became the head of Binance.US in May of this year, decided to leave. Brooks announced his departure to the crypto community on Twitter. He announced that he had certain disagreements regarding the strategic development of the exchange, he still wishes success to his former colleagues.
Brooks is best known for being the former head of the Treasury Department of the Treasury Department of the Financial Conduct Authority and regulating federal banking institutions and credit unions.
Also, his office has issued several regulations, according to which banking institutions that have passed registration at the federal level can use payment systems that are created on the basis of the blockchain. They were also allowed to issue their own stablecoins.
Change of leadership will not affect the exchange
When they decided to appoint Brooks to the post of CEO of Binance.US, because of this, Catherine Coley had to leave the post. She previously held this post and there were no special complaints about her. By the way, the head of the exchange, Changpeng Zhao, has already thanked Brooks for helping the company to develop further. Thus, Binance founder Changpeng Zhao praised Brooks’ work. In his opinion, he has done a lot and will continue to invest his experience in the crypto industry. Ch. Zhao wished him continued success in his new posts.
In turn, Binance.US tried to reassure its clients, saying that the change in management will not affect the functioning of the exchange in any way. However, as they say, an unpleasant aftertaste still remained.
Disagreements between Brooks and Binance
Since Brooks had disagreements about the future development of the exchange, it means that he assumed that in the future it could have problems. The exchange has enough of them. Regulators in different countries either prohibit her work or impose penalties against her. So, recently, regulators in Japan, the UK, Germany, Hong Kong, China and Canada have issued orders prohibiting or restricting the activities of Binance.
Polish regulators have called for caution when using Binance’s services. Italy and Malta have warned consumers about the company’s unregulated activities.
Also, the exchange is currently under investigation by the US Internal Revenue Service and the Department of Justice.
Perhaps Brooks had inside information, which gave him a reason for dismissal, so as not to take the fire of criticism on himself. After working for 3 months, he left, apparently thinking that reputation is more expensive. If the management starts scattering at such a rate from other departments, then it can provoke panic among users.
Others have suggested that Brooks’ departure could be related to his belief that the cryptocurrency trading business is not profitable in the long run. Brooks made such comments in an interview with Forbes a few weeks before his resignation.
There is a version in the style of “conspiracy theory”. Brooks, being originally a “statesman”, played the role of a “mole”. He has now gathered enough evidence to destroy Binance and its CEO, Changpeng Zhao.
Where is the truth?