Binance US appoints new President as it tries to tide over regulatory issues
Binance US, the US arm of the crypto exchange Binance, has appointed Brian Schroder as the President to replace Brian Brooks who had quit in August after being on the job for just four months.
The crypto exchange has been in a constant battle with regulators all over the world and it is especially likely to have a tough time with the SEC in the US which has been known to frown upon cryptocurrencies and has been recently embroiled in a controversy with Coinbase. There also seems to be a lot of internal turmoil within the exchange as well with its founder expressing his willingness to step down and not be involved in the operations of the exchange any longer in a move that is seen as an effort to pacify the regulators.
The exchange has also seen the sudden exit of its President of Binance US Brooks in August setting differences in strategy and direction which further proves that all is not well at the exchange. So, the new President of Binance US, Schroder, is going to have his hands full over the coming months as he seeks to give a new direction to the company’s strategy and also enhance execution along with other functions include business development, HR, and products functions as well.
The company would be looking up to him to deal with the SEC in the right manner so that they can continue their operations within the US without getting into trouble with the regulators as has happened in many other countries like Hong Kong, Malaysia, and many countries in Europe including the UK.
Schroder has spent more than 3 years in Ant Group helping to grow and expand the company’s operations and global partnerships before making the move to Binance US. Before working at Ant, he was the head of the strategy and business development at Uber for the Asia Pacific region. The crackdown on crypto exchanges seems to have become a common phenomenon over the last few months and while countries like El Salvador and few others seem to be welcoming the cryptos with open arms, others like the US, China, and South Korea do not seem to be so welcoming. These are the countries that form the bulk of the crypto volume investment and trading in the world and their stance is likely to have a deep effect on the crypto ecosystem.