Binance.US, the affiliate of overseas cryptocurrency exchange Binance Holdings Limited, has hired a former top US Banking regulator in the person of Brian Books as its new Chief Executive Officer (CEO).
Brooks confirmed that he would begin with his new position on May 1. According to Blockchain.news, the new CEO would not have taken the job “if I didn’t have a strong commitment from the board to lead a strong compliance program.”
He also said that reinforcing Binance’s commitment to regulatory compliance and making it a strong competitor to Coinbase (COIN) are parts of his priorities in leading the company.
A friend for cryptocurrencies
On social media, Brooks — former acting chief of the Office of the Comptroller of The Currency under the Trump administration — is being regarded as the “Crypto Comptroller” owing to his friendly disposition towards cryptocurrencies.
In his term at his former office, he was behind the guidance in clarifying that federally chartered banks can offer crypto custody services and utilize stablecoins for payment activities.
From May 2020 to January 2021, the new Binance CEO served at the Office of The Comptroller of The Currency (OCC). Before that, he worked as Chief Legal Officer of Coinbase Global Inc and has also served as General Counsel of mortgage finance giant Fannie Mae.
Cryptocurrency firms target ex-regulators
Just last month, Coinbase hired Brett Redfearn, a former high-ranking director from the US Securities and Exchange Commission (SEC) for its Capital-Markets Division. One River crypto asset management hired former SEC Chairman Jay Clayton to join its academic and regulatory advisory council.
Binance also hired a former Democratic senator in the person of Max Baucaus as a policy and government relations adviser. He also used to be an ambassador for the US to China.
These moves prove that there is an increase in the number of cryptocurrency companies that hire former government officials. This “business decision” does not only aim for mainstream acceptance but also the strengthening of their compliance game.
Image courtesy of Fliptroniks Crypto/YouTube Screenshot