Brian Brooks has served as the chief executive officer of the leading crypto exchange Binance in the United States for at least four months. On Friday, the CEO of the major exchange announced his resignation in a tweet, stating he will be stepping down as the CEO of Binance. The announcement of his resignation has sent the crypto community into a state of confusion with many suspecting external forces are in play.
The now-former CEO of Binance, Brooks has cited “differences over the strategic direction” as a potential cause of his resignation. Brooks had already resigned from his position as the CEO of Binance’s U.S branch before the tweet was posted. The former CEO has been leading the crypto exchange since May 1, replacing Catherine Coley earlier this year.
Members of the crypto community have speculated that Brook’s decision to resign from the exchange was fueled by internal knowledge surrounding issues related to global Binance. Implying that his decision to leave was based on knowledge from regulators or other market forces.
Other members find it suspicious that Brooks resigned from the exchange right when Binance was facing major backlash. The major exchange has been prompted to cease operations in certain regions due to regulatory agencies, several agencies in Japan, the U.K, and Germany have cited warnings against Binance for numerous reasons. The leading exchange has also faced scrutiny in the United States with the IRS and the Department of Justice investigating the frim for alleged illicit trading activities.
While some members of the crypto community are speculating external forces to cause Brook’s resignation, others have claimed it was his belief that the crypto exchange is not profitable in the long run. The comments were posted after Brooks was interviewed by a Forbes representative, weeks before the latter resigned from the exchange.
According to Forbes writer Javier Paz, the key takeaway from the interview was the “inevitable clash of direction” between Brooks and the board of directors at Binance U.S.
The crypto community is still in confusion and finds Brook’s resignation suspicious considering that he had been hired just a few months back.
The CEO of Binance Changpeng Zhao, a separate entity from its U.S arm, has stated that Brook’s resignation would not impact Binance U.S customers in any way. He assured the exchange will continue to grow, innovate and serve customers.
