Brooks took pains to establish that and Binance.US were separate entities despite their common ownership.
"Fundraising and engaging potential investors is an essential part of Binance.US’s long-term strategy," Hazel Watts, a Binance spokesperson, said in an email.Ī former regulator who briefly ran the Office of the Comptroller of the Currency - which oversees the nation’s biggest banks - under former President Donald Trump, Brooks was already familiar with the cryptocurrency industry, having served as the chief legal officer of Coinbase. This month, Coinbase reported a profit of $1.6 billion in its second quarter as a public company. In many cases, investors aren’t able to get rigorous, balanced and complete information." The initial public offering this spring of Coinbase, a San Francisco-based cryptocurrency exchange that lets customers trade digital currencies for real ones and vice versa, has provided rivals with a blueprint - and a glimpse of the money to be made. "There’s a great deal of hype and spin about how crypto assets work. In a recent speech, Gary Gensler, chair of the Securities and Exchange Commission, referred to the space as "the Wild West." "This asset class is rife with fraud, scams and abuse in certain applications," he said. Some are gunning for a bigger presence in the United States, a lucrative market where hordes of customers are already flocking to their platforms - just as wary regulators have started paying close attention. Often started by lone programmers lugging laptops across the globe, many cryptocurrency firms are restructuring themselves into more traditional entities that have boards of directors and audited financial reports. Companies that deal in digital money are trying to grow up. The deal would have been the first step to a potential IPO, but some investors balked at the amount of control that Zhao would retain over Binance.US. Brooks left after a venture capital investment he was trying to put together for Binance.US fell through. This month, Brian Brooks, chief executive of Binance.US, left the company after just three months, citing "strategic differences." Changpeng Zhao, the Chinese Canadian billionaire who owns, had hired Brooks, a former regulator, to help the company gain a US footing.
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