Just-In: Binance.US Hires Former Regulator Amid Compliance Concerns

Binance’s independent US subsidiary Binance.US has hired Manuel Alvarez as the Chief Administrator. Another ex-regulator runs the cryptocurrency exchange; Brian Brooks, ex-bank regulator hired Alvarez for the job.

Alvarez is a former commissioner of the California Department of Financial Protection and Innovation. The company has announced his joining from 22nd July. Alvarez will be reporting directly to Brian Brooks, the chief executive officer at Binance.US.

Binance.US denies connection with Binance Holdings Ltd.

With the flaring Binance Holdings Ltd. controversy on increasing regulatory restrictions against them by multiple nations; Binance US can also fall under its shadow. Instead of reducing the risk of getting on the bad side of many countries, Brooks assured that Binance.US is separate from Binance Ltd, the only thing common is the founder, i.e. the crypto billionaire Changpeng Zhao. However, Binance.US  has been registered under the name of Binance.

“How do you allow decentralization to occur, how do you bring these assets to the market, while ensuring good risk management, compliance with the law, the disclosure of what you’re selling to your customers, and that kind of thing?” Brooks said in an interview with Bloomberg Television.

Binance US to go public in coming years 

Brooks himself has been hired recently in May by Binance.US. He is responsible to execute the expansion of the company’s respective teams. From compliance and legal, to risk management; Binance.US is filling up roles rapidly to be able to go public at the earliest. The public debut comes under Binance.US’s five-year plan.

“Bringing on someone like Manny, who was the regulator responsible for the protection of over 40 million consumers, shows not only do we take this seriously, but we’re not going to be defensive about compliance and consumer protection…We’re going to be on the front foot, so we will hire the very best talent, the very most senior people to run those functions for us because we agree they’re super important.” Brian Brooks told Bloomberg.

The US-based crypto exchange came under regulatory scrutiny recently and has been on a hiring spree including former US regulators and ambassadors.