Binance.US CEO Brian Brooks Steps Down Just After Three Months Due to “Differences over Strategic Direction”

Binance.US CEO Brian Brooks Steps Down Just After Three Months Due to “Differences over Strategic Direction”

Binance.US CEO Brian Brooks is already stepping down from his position just three months after taking up the role.

Brooks announced his resignation on Friday in a tweet saying, “Despite differences over strategic direction, I wish my former colleagues much success. Exciting new things to come!”

His resignation came amidst a series of compliance setbacks and regulatory scrutiny from all over the globe tied to the cryptocurrency exchange Binance. Binance CEO Changpeng Zhao said in a statement,

“I remain confident in Binance.US’s business and its commitment to serve its customers and innovate. As one of the largest cryptocurrency exchanges in the United States, Binance.US is poised to continue to grow and empower the future of finance. This transition will not impact Binance.US customers in any way as the company will continue to deliver best-in-class products and services.”

In a separate tweet, CZ wished Brooks the “very best in his future endeavors,” saying his work at its US-based entity has been “invaluable.”

Brooks was the acting Comptroller of the Currency during the Trump administration from May 2020 to January 2021, where he led efforts to provide regulatory clarity for stablecoin and digital asset custody. Brooks joined Binance.US in May, and before joining the regulator, he was the Chief Legal Officer at the competing exchange Coinbase.

“This reminds me of so many other stories of foreigners taking executive-level positions at Chinese companies. Just as an empirical fact, it frequently ends in disaster,” said Matthew Graham, CEO at VC Sino Global Capital, last month regarding the disappearance of Catherine Coley from the social media after Brooks replaced her as the CEO of Binance.US.

“Don’t be surprised if/when the Brian Brooks era ends in similar fashion,” Graham had said at the time.

Amidst this, the latest round of speculation in the market around Binance has been that it is “planning the ultimate rug pull” based on the fact that someone other than CZ is the beneficial owner of Binance, as narrated by a former Binance user who lost his funds on the platform during the May 19 crash when about $10 billion worth liquidation happened during which Binance went down.

But it seems more to do with how things work in China than the nefarious plan in action as claimed by Binance victim Francis Kim, whose Twitter bio says he’s here to expose the truth about the exchange.

Kim’s tweet about Binance “fundamentally misunderstands how business is done in China, where it’s quite common to have assets under other people’s names,” Graham said of the tweet.

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Author: AnTy

Arthur Hayes Says Emerging Digital Finance Might Force The Way Traders Take Breaks

One of the biggest differences between fiat and crypto exchanges is their availability for trading. Traditional exchanges have their own trading sessions, with few providing 24-hour access. This means that you can only transact within certain timeframes with no trading during state holidays or even weekends in most cases.

Talking about this to Bloomberg, the CEO of BitMex remarked:

“Some of the practices in our market are going to be mimicked in traditional trading […] All these things about being somewhere and trading something and physically reconciling records is all going to go out the window. Once you get away from that and understand that everything will be digital in the next 10 years, you realize that Bitcoin isn’t such a strange idea.”

This means that events that occur in real life outside of these timeframes have no instant impact on the market. Only at the next trading session will this influence be reflected (or not). This means that your last transactions made before the closing of the exchange may contradict the new trend that will be played at the opening.

Hayes also said that crypto is definitely not a threat to sovereign currencies, and actually would make things better for governments because they can track things better in their native currencies, which they can’t do with physical cash.

Crypto exchanges work 24/7 and instantly react to any event. So if you are fast enough, you can make profits via the news. But it also means that you should be online almost all the time, or you risk missing out on opportunities. In this case, you will need to take some steps towards preventing the loss.

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Author: Sritanshu Sinha

Islamic Expert on Shariah Acceptability: Halal Coin Is Only a Matter Of Time And Awareness

Islamic Expert on Shariah Acceptability: Halal Coin Is Only a Matter Of Time And Awareness

The Islamic financial world has some pretty big differences from its Western counterpart. For instance, in the Islamic regions of the world, the markets have to follow the Shariah, known as the Islamic law. There is not a complete separation between Church and State and this affects the economy as well.

As you may have expected, this obviously affects the crypto market, too. It is because of this that an Islamic expert called Suhaida Mahpot recently talked about the upcoming emergence of the “halal coin”. A halal coin would be a cryptocurrency that is “halal”, meaning that it is accepted by the Shariah standards.

One of the principles that a halal coin would need is to not be used in speculation, for instance. This is partly what makes the situation harder to define, as cryptos are often involved in speculation.

Mahpot, who is the CEO of Amanie Advisors, a Shariah advisory company, affirmed that it is only a matter of time and awareness before the first halal coin appears in the Islamic market. According to him, some investors are very skeptic of the Islamic market because of its own complex rules. This causes uncertainty and some investors simply decide that it will be profitable to invest elsewhere.

This is obviously bad for the countries, as they lose the change of getting investors that could help. Mahpot, which works in the industry for over 11 years, affirmed that Malaysia has a big potential for growth in the future.

Situation With Crypto Is Similar To Other Investments

According to Mahpot, the situation of the crypto market is very similar to two kinds of investments that were introduced in Malaysia before: Amanah Saham Bumiputera (ASB) and Amanah Saham Nasional (ASN).

He explained that the perception of these investments changed over time. They were created during the 90s and they are now considered “harus”, which means that they neither encouraged nor prohibited by the Shariah. Before there was consensus, there were plenty of doubts in the industry whether the investments were harus or “haram” (against the Shariah).

Now, the financial institutions of Muslim countries need more education about how cryptos work. Only this way they will be able to at least declare that they are harus. Without this, the uncertainty will be too big to convince investors to give the investment a shot.

Currency, Saudi Arabia and the United Arab Emirates are starting to work on the creation of a new cryptocurrency. Also, there are several companies which claim that they have created a fully halal token such as ADAB Solutions, which created the so-called First Islamic Crypto Exchange. So far, nobody actually accepted these tokens as halal.

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Author: Gabriel Machado