Former US Senator from Montana and US Democratic Party member Brian Brooks has been appointed advisor to crypto exchange Binance, the company said in a statement. Thus, against the background of this announcement, Binance Coin (BNB) has surpassed $ 500 again. Among digital money, cryptocurrency again took the third place in terms of capitalization, behind only Bitcoin and Ethereum.
Brian Brooks will begin his duties on May 1. Brooks will replace Catherine Coley as CEO of Binance US. Whether she will remain in another post or leave the company is not specified.
It is noted that the ex-senator will help the company with consultations and communication with the government and regulators in expanding the use of cryptocurrency. Brooks himself said that working at Binance would be a “great honor” for him.
He also noted that he would not have undertaken this work if he hadn’t received reliable confirmation from the board of directors about interest in a strong legal compliance system.
The CEO, founder of the crypto exchange Changpeng Zhao welcomed the ex-US senator’s joining the Binance team. He noted that his experience in government and “deep understanding of global regulation” is of “exceptional value” to Binance.
Brooks’ previous positions
In the past, he led the legal department of the cryptocurrency exchange Coinbase. Now, in an interview with The Wall Street Journal, Brooks said his priorities at Binance US will include making the exchange a strong competitor to Coinbase.
In the summer of 2020, Donald Trump appointed him head of the OCC. He held this position temporarily, but managed to become famous for allowing American banks to store cryptocurrency.
Thanks to Brooks, a number of financial institutions are already preparing to offer custody services to clients, which is giving a new impetus to the massive proliferation of digital assets. Many retail bank customers will willingly invest in Bitcoin or altcoins knowing that the bank will take care of storing their keys.
However, in November 2020, six members of the U.S. Congress criticized the work of the OCC. In their opinion, the management paid too much attention to cryptocurrencies.
On January 14, 2021, Brooks resigned as head of the OCC. He later became an independent member of the board of directors of the data protection startup Spring Labs.
Recall that in February, Brian Brooks called Tesla’s investment in Bitcoin amazing and alarming news at the same time.
Binance US takes security seriously. They note that they prioritize customer protection and are taking steps to protect customers from theft and hacking.
Therefore, Binance gathers government officials around itself. Earlier, former FATF executive secretary Rick McDonell and head of the organization’s delegation in Canada Jose Nado became the advisors of the exchange, and now they are joined by the American ex-Senator Brian Brooks.
Binance US’s ability to attract executives of this level is testament to the strength of the platform.