Brian Brooks has stepped down as head of the US branch of Binance as a result of a conflict with the founder of the crypto exchange Changpeng Zhao, New York Magazine reports.
Brooks had previously held a senior management position at Coinbase, and in 2020 he headed the Office of the Comptroller of the Currency (OCC). However, he left the department in January and became an independent member of the board of directors of the startup Spring Labs.
We should remember that Brooks joined Binance in the month of May to help give legitimacy to the activities of the exchange in the US.
According to publications, his strategy to address regulatory issues in the country was rejected by CZ.
“The transfer was the final piece of the puzzle that Brooks believed would leave Binance’s regulatory issues a thing of the past. But in the first days of August, Zhao suddenly stopped everything. The strategy was rejected, Brooks saw no way to address the company’s regulatory issues and could no longer work there. Therefore, on August 6, he announced his resignation.”
However, the magazine says Brooks actually decided to leave the company after GreatPoint Ventures, which was considered a key participant in the planned investment round, refused to participate in it due to claims of regulators against Binance.