Binance.US ramps up compliance efforts with new hire

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Binance‘s hiring frenzy appears to be unending, with the company’s U.S. arm announcing the appointment of a new President, Brian Shroder, today. This appointment comes only weeks after former CEO Brian Brooks abruptly left the firm after only a few months on the job.

Shroder will be tasked with overseeing the strategy, execution, fundraising, business, and corporate development of Binance.US. Additionally, the new president will have the responsibility of managing its legal, human resources, and product and technology functions, a company statement noted.

Prior to this foray into the cryptocurrency industry, Shroder was the Head of Development and Global Partnerships at Ant Group and the Head of Strategy and Business Development for Uber in the Asia-Pacific region. Reacting to his appointment, Shroder commented,

“In under two years, Binance.US has established itself as a regulatory compliant, profitable enterprise… I look forward to sharing our exciting story with the broader investment community as we begin our journey towards IPO.”

Since the corporation began to be pursued by regulatory watchdogs all around the world, it has increased its compliance efforts. One big move in that direction has been the appointment of new faces to key positions within the corporation, whether they are former regulators or executives from non-crypto-related companies.

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This is expected to provide Binance with regulatory and industry knowledge. And this may be critical if it is to avoid further crackdowns.

Binance Singapore announced the appointment of Richard Teng, the former Chief Regulatory Officer of Singapore Exchange, as its new CEO earlier this month. This evident start towards better regulatory cooperation, however, did not go unnoticed by authorities.

In fact, Binance.com was recently included to Singapore’s Investor Alert List. Shortly after, the platform ceased providing services to clients from the country.

That isn’t to imply the corporation isn’t in trouble, because it isn’t. Binance’s American branch has had its own set of problems. Former CEO Brian Brooks left the company last month, just months after joining it. This was apparently owing to compliance issues and regulatory scrutiny that its sibling business, Binance Holdings Limited, was facing.

The aforementioned development could be the first step towards Binance U.S. following Coinbase’s lead and becoming public. Right now, 2024 is being targeted for the same.

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