Former OCC Director Brian Brooks resigns from Binance crypto exchange – Ledger Insights

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It’s been just over three months since Brian Brooks started working as CEO of Binance.US, a subsidiary of the world’s largest cryptocurrency exchange, which recently underwent regulatory review in several jurisdictions. Until January, Brooks was the head of the US banking regulator, the Office of the Comptroller of the Currency (OCC).

Brooks cited strategic differences for the start in a Tweet, with the resignation confirmed in another Binance Tweet.

Prior to joining OCC, Brooks worked at Coinbase as Legal Director. When he assumed the role of OCC in April 2020, he received $ 4.6 million for the cancellation of his options contract. A year later, the stock held by Paul Grewal, his replacement at Coinbase, was worth $ 300 million when Coinbase was listed. Changpeng Zhao, founder and CEO of Binance, said there are plans to list Binance.US, but it’s not imminent.

“Brian’s work for Binance.US has been invaluable and we hope he will continue to be an integral part of the growth of the crypto industry, advocating for regulations that advance our industry,” said Zhao of Binance. He said he remains confident in Binance.US activity.

At the end of June, the UK regulator, the FCA, issued a statement that “Binance Markets Limited is not authorized to undertake any regulated activity in the UK”. She also said that no other part of the group has UK clearance, but appears to be offering products to UK customers.

Several other regulators, including Hong Kong, Germany, Japan, Italy and Thailand, followed with various warnings. Hong Kong initially sounded the alarm on crypto derivatives linked to listed stocks that Binance stopped offering last month. Binance said on Friday that it would no longer open derivative accounts for Hong Kong residents, with the intention of giving 90 days notice to existing account holders at some point.

According to CoinGecko, in the past 24 hours Binance’s spot cryptocurrency volumes were $ 20.8 billion compared to third-ranked Coinbase at $ 3.9 billion. It is even more dominant in derivatives, where it processed $ 73 billion in transactions over the same period, compared to FTX, the second-largest player with $ 10 billion in volume.

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