Binance, the embattled crypto exchange which once ruled the crypto industry but now seems to be in all kinds of trouble, is facing even more problems as its US Chief Brian Brooks has quit.
This was announced by Brian himself on Twitter and he had cited ‘strategic differences between him and the company as the reason for him to quit the exchange. This is likely to be a big blow for the company as he had joined it just 4 months back and the company is also in the middle of a battle with the regulators in many parts of the world, including the US, and it needs all hands on deck to help it to pull through this phase.
Before joining Binance, Brian had been the Chief Legal Officer at another crypto exchange, Coinbase, and Binance would have hoped to use his experience and contacts within the US regulatory framework to help it to score some points with the US regulators. Binance is currently being probed by the Department of Justice, Commodity Futures Trading Commission, and the tax authorities in the US as well over charges of tax evasion, among others.
The fact that it’s US Chief has quit at such a crucial time that too over strategic differences shows that there is something seriously wrong at the company and within the leadership team and the company could go into a tailspin if things are not fixed quickly. The normally combative CEO, CZ, himself seems to have mellowed down a lot over the last couple of months as his company has been hit hard in the US, Malaysia, India, Europe, and many other regions and he seems to be a bit lost on how to handle all this as the company seems to have not followed many regulatory procedures for the sake of quick expansion and now seems to be facing the consequences of the same.
“Brian’s work for Binance US has been invaluable and we hope he will continue to be an integral part of the crypto industry’s growth, advocating for regulations that move our industry forward,” CZ had tweeted on Friday.
Things continue to remain in flux at Binance as it rushes to pull up its socks and tries everything that it can to get into the good books of regulators all around the world. It remains to be seen how it is going to tide over the crisis and who would be willing to help the exchange in repairing its relationship with the regulatory authorities in different parts of the world.
