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Crypto community sad over Brian Brooks resignation

By
Redakcja
-
3 min reading

Changpeng Zhao recently announced the resignation of Brooks and this resignation would not affect “impact Binance U.S customers in any way.” The cryptocurrency community are having double thoughts about this whole scenario. Brooks has been the chief executive officer of big cryptocurrency exchange for less than four months; Brian Brooks declared his resignation this Friday this came out as a surprise and shock for everyone.

Changpeng Zhao recently announced the resignation of Brooks and this resignation would not affect “impact Binance U.S customers in any way.” The cryptocurrency community are having double thoughts about this whole scenario. Brooks has been the chief executive officer of big cryptocurrency exchange for less than four months; Brian Brooks declared his resignation this Friday this came out as a surprise and shock for everyone. 

Pointing out the “differences over strategic direction,” the new-former CEO said that he already resigned his position at Binance’s U.S arm. Brooks had been handling the crypto exchange since replacing former CEO Catherine Coley on May 1. Changpeng Zhao, CEO of Binance believes Brooks resignation wouldn’t actually affect U.S customers in any way possible. “I remain confident in Binance. U. S’s business and its commitment to serve its customers and innovate as one the largest cryptocurrency exchanges in the United States, Binance U.S is poised to continue to grow and empower the future of finance.” 

Nevertheless, there are members of the crypto community who doubt that Brook’s decision to leave the firm was due to internal knowledge about issues regarding the global binance exchange, possibly due to regulators or other market forces. People are trying to connect the dots some speculate that his sudden departure is due to regulatory backlash facing Binance, which resulted the exchange to roll back or even stop operations in certain areas. The regulators from Japan, The United Kingdom, Germany and Canada have issued orders or warnings against Binance for various reasons. 

Binance has gone through scrutiny even in the United States, with the Department of Justice and internal Revenue Service investigating the firm for illegal trading activity. The exchange is the subject of an investigation by the commodity Futures Trading Commission related to the alleged trades by U.S customers. Some even thought the reason Brooks quit was due to tampering with his beliefs that the crypto exchange business is not profitable in the long run. His resignation is considered as “strange” as he himself stated a while before in May that, “I wouldn’t have taken this job if I didn’t have a strong commitment from the board to lead a strong compliance program.” 

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