With Brian Brooks, Binance.US will seek to topple its numbers which have grown over the years with registered users growing by four times and its daily trading volume to $1.4 billion in Q1 2021.
Binance.US, a subsidiary of the world’s largest cryptocurrency exchange, Binance has appointed Brian Brooks as its new Chief Executive Officer. Per the announcement, Brooks, who served under former President Donald Trump as the Acting Comptroller of the Currency from May 2020, to January 2021 was tapped for the job to help advance the growth trajectory of Binance.US.
There is currently a new wave of interest in cryptocurrency exchanges around the world and in the United States, spurred by last week’s direct listing of Coinbase Global Inc (NASDAQ: COIN) on the Nasdaq Exchange. Coinbase’s $86 billion valuations as well as its reported $1.8 billion revenue in the first quarter of 2021 further excited the broader market observers. The Coinbase success story may become a standard by which analysts profile crypto trading platforms in the US and beyond.
Per the announcement, Brian Brooks is billed to resume his duties by May 1 and will use his knowledge of the regulatory space to help expand the reach of Binance.US in America from 43 states to cover more jurisdictions.
“I am thrilled to be joining Binance.US at this pivotal time for the digital assets industry,” Brooks said. “We are at the cusp of mainstream adoption of blockchain technology and digital tokens by individuals, institutions, and governments alike. I look forward to working with Binance.US’s talented team to promote its culture of compliance and continue to grow its product and service offerings across markets. I am eager to work closely with industry participants and policymakers to develop an enduring regulatory framework that enables Americans to reap the benefits of decentralized finance for generations to come.”
The plans by Binance to deepen its relationship with American regulators are poised to take a new positive momentum through Brooks’ ascension at the helm of affairs in its American outfit.
Brian Brooks Is Just Right for Binance.US
Brian Brooks is popularly known as the “CryptoComptroller” going by the number of digital currency initiatives he permitted during his short stint at the Office of the Comptroller of the Currency and as an administrator of the federal banking system.
Amongst the reforms which Brooks oversaw include the permission granted to federal banks to keep custody of stablecoins, and interact with their issuers, as well as the granting of the first banking charter to a cryptocurrency firm Anchorage.
Brook’s experiences from his role as the Chief Legal Officer at Coinbase prior to his appointment as the OCC boss is also a feather to his cap as he arguably understood the crypto regulation landscape with hands-on experience.
With Brian Brooks, Binance.US will seek to topple its numbers which have grown over the years with registered users growing by four times and its daily trading volume to $1.4 billion in Q1 2021.
“Brian is an esteemed leader with an unparalleled blend of experience across traditional financial services, government, and the digital assets industry. Binance.US’s ability to attract an executive of Brian’s caliber is a testament to the strength of its platform. His knowledge and expertise will be invaluable as Binance.US continues to expand,” Binance CEO, Changpeng Zhao said, commenting on the news.
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