Binance.US elevates Brian Shroder to CEO role
Binance.US, the American outpost of the world’s biggest crypto exchange, has promoted its current president Brian Shroder to chief executive officer (CEO).
The former Ant Group and Uber executive has originally joined Binance’s US operations in September, replacing Brian Brooks who parted ways after just four months in the job.
Brooks, a former top US banking regulator and crypto enthusiast, said he resigned as chief executive due to differences over strategic direction. He left at a time when the parent cryptocurrency exchange has been dogged by regulatory issues around the world.
Shroder assumed the position on September 13 after a highly productive role as head of business development and global partnerships at Ant Group. Prior to his time at China’s mega financial services firm, Shroder served as head of strategy and business development at Uber in their Asia Pacific region and was also a principal at Boston Consulting Group (BCG) where he spent six years.
“In my short time with Binance.US, I have already seen the tremendous potential the company has for rapid growth in the United States. It is truly a privilege to work with the talented team that has built Binance.US into the innovative platform it is today, and I look forward to growing our team further as we continue to expand our products and services and begin our initial first steps on our pathway to IPO,” Shroder said.
Binance.US also appointed Eric Segal as interim chief financial officer (CFO), replacing Joshua Sroge, who is leaving the company. He brings nearly three decades of experience in senior financial management positions. Segal will serve in the CFO role at Binance.US until a permanent CFO is appointed.
Binance CEO Changpeng Zhao said last month that depending on business growth, Binance.US is eyeing a potential IPO route to go public within three years. CZ told tech publication The Information that Coinbase, which became the first crypto exchange to go public, helped set up a playbook for crypto firms to do IPOs.
Although the company generated $800 million–$1 billion in profit last year, Binance.US is looking at a proper way to get VC money. Namely, CZ expects the US affiliate to close a large private funding round within the next two months in a bid to reduce its dependence on the global parent entity.
Binance has launched its operations in the US market in late 2019 via a partnership with a FinCEN-registered company, BAM Trading Services. The exchange has licensed its matching engine and wallet technologies to its US partner, which handles operations in compliance according to local regulations.
CZ also revealed that he expects Binance to face heavy scrutiny in the future as the influential exchange is shifting from a tech startup to a financial service group.