Brooks announced the resignation through his Twitter account, where he indicated that strategic differences with the exchange forced him to quit. In the post, Brooks did not state the specific nature of the cited strategic differences. The resignation comes at a time Binance is facing increasing scrutiny from different regulators globally. Binance CEO Changpeng Zhao also confirmed the resignation terming Brooks role as invaluable. Brooks joined Binance US on May 7th after serving as the Acting Comptroller of the Currency. He also oversaw the issuance of the first national banking charter to a cryptocurrency company, Anchorage Digital.
Binance rising regulatory woes
Furthermore, the focus is now on Brooks successor as the exchange plans to establish regional headquarters to meet the regulatory requirements. The exchange is under the spotlight from regulators in Hong Kong, Britain, Germany, Japan, Italy, and Thailand. Binance, the largest cryptocurrency exchange globally, is accused of aiding vices like money laundering and scams amid the recent cryptocurrency boom. In the UK, regulators have ruled that Binance is operating illegally while cautioning investors against engaging with the exchange. In July, Zhao indicated that Binance seeks to get licensing everywhere with plans to shift from its decentralized model. Additionally, Binance is working towards doubling the compliance team by the end of the year. According to Zhao, his aim is to improve relations with regulators as a means of improving the exchange’s operation. [coinbase]
