Binance, the world’s largest cryptocurrency exchange, has announced a new appointment. Brian Shroeder, the former CEO of Ant Group Co. and Uber Technologies Inc., will become the CEO of Binance.US, the US arm of the marketplace.
Schroder will take the place of the recently retired Brian Brooks, who served as CEO of Binance.US. The new head of the American division, the former head of Ant Group Co. and Uber Technologies Inc., will handle issues related to cryptocurrency exchange strategy control, fundraising, business, and corporate development, as well as manage the legal, personnel, product, and technology-related functions of the company.
From Brian to Brian
Brian Brooks, the former head of Binance.US, retired after just a few months in office. Some attribute this decision to multiple violations of the exchange’s compliance with regulatory requirements and excessive regulatory oversight. Others believe that the reason for Brooks’ departure was a conflict of interest on matters related to the company’s development strategy, which involved not only other members of the Binance board but also the founder of the exchange Changpeng Zhao (CZ).
According to Bloomberg, Schroder said in a statement that he “looks forward to sharing the company’s exciting story with the broader investment community as Binance.US begins its IPO journey.”
Shroeder joins Binance amid legal scrutiny
Binance.US shares the name with Binance Holdings Ltd., the world’s largest cryptocurrency exchange, and Changpeng Zhao, CEO of Binance Holdings, is the chairman of the board of the American company.
At this stage, Binance Holdings is involved in an investigation by the US Department of Justice on suspicions of complicity in the platform in crimes related to money laundering and tax evasion. Many other countries have also announced investigations into the world’s largest cryptocurrency exchange.
At Ant Group, Schroder led business development and global partnerships. He also supervised the Ant Group’s South East Asia operations. Prior to Ant Group, Schroeder served for several years as Uber’s head of strategy and business development in the Asia-Pacific region. He clearly has a proven track record of enterprise management, but we have yet to see if his background does any good to the future of Binance.
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