Former top banking regulator Brian Brooks to become CEO of Binance.US

The Block • April 20, 2021, 6:41AM EDT
UPDATED: May 27, 2021, 12:05PM EDT
The Block

Former top banking regulator Brian Brooks is set to become CEO of Binance.US. 

The Wall Street Journal reported the news on Tuesday, saying Brooks will join the crypto exchange on May 1.

Binance.US is currently headed by Catherine Coley. It is not clear whether Coley will stay with the exchange in a different role or leave altogether. The Block has reached out to Binance.US and will update this story should we hear back.

Brooks, a former Coinbase executive, was recently an acting head of the Office of the Comptroller of the Currency (OCC) under the Trump administration. Brooks told the Journal that he aims to make Binance.US a robust competitor to Coinbase and reinforce its commitment to regulatory compliance.

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"I wouldn't have taken this job if I didn't have a strong commitment from the board to lead a strong compliance program," said Brooks.

During his eight-month tenure at OCC, Brooks opened the door for federally chartered banks to host reserve accounts for stablecoin issuers, clarified that federally chartered banks can transact in stablecoins, and granted a federal bank charter to Anchorage.

Both Binance and Binance.US appear to strengthen their compliance game with recent hires. Last month, Binance hired Max Baucus, who served decades in the U.S. Senate and later as an ambassador to China, to provide guidance on navigating the U.S. regulatory landscape.

Crypto firms, in general, have hired a number of former government officials in recent weeks. Last month, Coinbase hired Brett Redfearn, a former high-ranking director from the Securities and Exchange Commission to run its capital-markets division. Also, last month, cryptocurrency asset manager One River hired former SEC chairman Jay Clayton on its advisory board.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.