Binance US, the American division of the world’s largest crypto exchange, has given a longstanding employee the top job after the former CEO’s abrupt exit.
Earlier this month, Brian Brooks resigned from his role as CEO after just three and a half months. In a tweet Brooks, who was formerly the Chief Legal Officer for Coinbase, put the decision down to “differences over strategic direction” and wished his colleagues “much success.”
Binance US has now appointed Joshua Sroge, the company’s CFO since January 2020, to the role of interim CEO. Before working at the crypto exchange, Sroge was the CFO of FireStone, a management consultancy offering financial and strategic expertise to businesses.
The personnel changes come as Binance faces heat from regulators worldwide.
In June the Financial Conduct Authority (FCA) issued a warning that Binance was “not permitted to undertake any regulated activity in the UK” prompting major banks to stop UK customers from making payments to the site.
Similar cautions have been issued by financial watchdogs in Hong Kong, Japan and the Cayman Islands who claim that Binance has been providing financial services without proper permissions.
Binance has since stated it will ensure its activities comply with regulation. The company’s CEO, Changpeng Zhao, took to Twitter to announce the exchange was “pivoting from reactive compliance to proactive compliance” on the same day that Brooks stepped down.
While neither Binance nor Sroge have commented on the news publicly Sroge updated his LinkedIn profile to announce the promotion.