A key post at Binance.us which was lying vacant has been filled by an ex-official of US’s regulator namely Manual Alvarez. Alvarez has been entrusted with the task to lead the company in the capacity of Binance.us’s Chief Administrative Officer. The company is apparently under too much pressure from the perspective of compliance which is lacking in many jurisdictions.
There is something extraordinary about Binance as it continues to remain in news on daily basis one way or the other.
However, this time, it is not Binance itself but in fact another company with the same name as “Binance.us”.
Binance.us too is a crypto trading platform which has based in California, US. The company is an independent subsidiary of Binance and also utilizes technological sources from Binance as well. Binance.us has informed through an official announcement that it had finally filled the vacant post of Chief Administrative Officer. It further told that the person entrusted the task is a former official of California’s regulator namely the Department of Financial Protection & Innovation. The man who has been put in charge of the administration of Binance.us is Manuel Alvarez.
The company has issued the job appointment letter and the contract to Alvarez who will be joining Binance.us by 22nd July 2021. Alvarez was interviewed by the CEO of Binance namely Brian Brooks who also confirmed his appointment. While carrying out his functions of Chief Administrative Officer, Alvarez will directly report to Brian Brooks. On the other hand, Brooks had also remained a Government Official and remained associated with a US regulator in the past. Before becoming being employed at Binance, Brooks was served as the Office of Comptroller of Currency as acting in charge. However, he too was inducted by Binance to work as CEO in the firm this year.
Because of Brooks, there have been many key posts filled in by known professionals and ex-government officials. It has been reported that Brooks is trying to develop his own team of skilled personnel. It was further reported earlier that Brooks too is very concerned about the issues relating to compliance and regulation. For this very reason, he is ensuring that he employs those persons who had the experience of working with regulators in the past. The reason could be two-fold. Firstly, it may be because the ex-officials of regulators will be able to help the company in tackling the compliance issue. Secondly, there are chances that these persons may still have their influences within the regulators, which can be used at the relevant times.
While talking to the press, Brooks told that he is aware of the situation of Binance with other countries. However, he said that the company’s priority is to settle the disputes amicably as early as possible. He clarified that there is no question that the firm does not want to comply with the regulations.