Binance.US, the US outpost of the world’s largest crypto exchange, has promoted current chairman Brian Shroder to CEO.
The former head of Ant Group and Uber initially joined Binance’s U.S. operations in September, replacing Brian Brooks who broke up after just four months on the job.
Brooks, a former U.S. banking regulator and crypto enthusiast, said he stepped down as chief executive due to differences over strategic direction. It left at a time when the parent cryptocurrency exchange was plagued by regulatory issues around the world.
Shroder took office on September 13 after a very productive role as Head of Business Development and Global Partnerships at Ant Group. Prior to working for the Chinese mega financial services company, Shroder was responsible for strategy and business development at Uber in the Asia-Pacific region and was also a director of the Boston Consulting Group (BCG) where he spent six years.
“During my short time with Binance.US, I have already seen the company’s enormous potential for rapid growth in the United States. It is truly a privilege to work with the talented team that made Binance.US the innovative platform it is today, and I look forward to further developing our team as we continue to expand our products and services and let’s start our first steps on our path to the IPO, ”said Shroder.
Binance.US has also appointed Eric Segal as interim Chief Financial Officer (CFO), replacing Joshua Sroge, who is leaving the company. He brings nearly three decades of experience in financial leadership roles. Segal will serve as CFO at Binance.US until a permanent CFO is appointed.
Binance CEO Changpeng Zhao said last month that based on the growth of the company, Binance.US is considering a potential IPO path to go public within three years. CZ told tech publication The Information that Coinbase, which became the first crypto exchange to go public, helped put together a manual for crypto companies to do IPOs.
Although the company generated between $ 800 billion and $ 1 billion in profits last year, Binance.US is looking for a suitable way to get money in venture capital. Namely, CZ expects the US subsidiary to close a major private financing round over the next two months in an effort to reduce its reliance on the global parent entity.
Binance launched its operations in the US market in late 2019 through a partnership with a FinCEN registered company, BAM Trading Services. The exchange has licensed its matching engine and wallet technologies to its US partner, which manages operations in accordance with local regulations.
CZ also revealed that it expects Binance to come under scrutiny in the future as the influential exchange moves from a tech startup to a financial services group.