Brian Brooks to Supervise Cryptocurrency Exchange Binance.US
Binance.US reported that Brian Brooks, the former Comptroller of the Currency, would take over as CEO of the cryptocurrency exchange on May 1.
Brooks provided interpretive letters while at the OCC that enabled banks to hold stablecoin deposits, digital custody assets, and participate in stablecoin networks. On January 14, he left the OCC.
Brooks spent 19 months as Chief Legal Officer at cryptocurrency exchange Coinbase until joining Binance.US. Given Coinbase’s recent stock market listing, Brooks’ time at the OCC cost him a lot of money.
Brooks had to sell some sensitive assets as a federal officer. Meanwhile, Paul Grewal, his replacement at Coinbase, was worth $300 million on the day the company went public.
Brooks paid $4.6 million for cancelling his options deal when he left Coinbase. That’s a nice sum of money, but it pales in comparison to Grewal’s figure.
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Mr Brooks said, “I am excited to be joining Binance.US at this crucial moment for the digital assets industry.” “Blockchain technology and digital tokens are on the verge of becoming commonplace among individuals, organizations, and governments.”
“I am excited to work with Binance,” he added.
U.S.’s talented team will continue to promote its compliance culture and expand its product and service offerings across markets. I’m excited to collaborate with business leaders and policymakers to create a long-term regulatory structure that will enable Americans to benefit from decentralized finance for generations to come.”
Binance, the parent company of the U.S. firm, is the world’s largest cryptocurrency exchange, but it has had its share of controversy, including a recent CFTC investigation. It was established in Shanghai, China, and now operates out of the Cayman Islands.
Binance is a cryptocurrency.
The company appears to have regular trading volumes of $1.4 billion, which is a small fraction of the $48 billion it claims on the CoinMarketCap website, which it owns.