Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is no stranger to controversy. In the past year alone, the Malta-based company has been embroiled in a series of scandals and brushes with regulators.
The most recent drama surrounds the abrupt departure of its Chief Financial Officer (CFO), Brian Brooks. On May 7, 2020, Brooks announced that he was leaving Binance to “pursue other opportunities.
” His departure comes just six months after he joined the company.
So, why did Brian Brooks leave Binance? While the official reason given was “to pursue other opportunities,” it’s widely believed that the real reason is much more complicated than that.
It’s no secret that Binance has had a rocky relationship with regulators. In 2018, the company was forced to relocate its headquarters from China to Japan after encountering regulatory difficulties in China.
Then, in 2019, Binance was again forced to move, this time to Malta after Japan issued a warning to the exchange.
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Given Binance’s history of run-ins with regulators, it’s likely that Brooks saw the writing on the wall and decided to leave before he got caught up in another regulatory mess. After all, as CFO, he would be squarely in the crosshairs if Binance ran into trouble with authorities again.
In addition to regulatory troubles, Binance has also been hit with a series of hacks and security breaches. In 2018, hackers stole $40 million worth of Bitcoin from the exchange.
Then, in 2019, hackers stole 7,000 Bitcoin from Binance’s “hot wallet” (a wallet that is connected to the internet).
While Binance has reimbursed customers for losses incurred in both hacks, it’s likely that Brooks was concerned about the Exchange’s security protocols (or lack thereof). After all, as CFO, he would be responsible for safeguarding Binance’s assets.
If another hack were to occur while he was CFO, it would be his head on the chopping block.
Given Binance’s history of regulatory troubles and security breaches, it’s likely that Brian Brooks saw the writing on the wall and decided to leave before he got caught up in another mess. While we may never know the true reason for his departure, it’s clear that Binance is not without its challenges.
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