Binance.US Hires New President to Begin its “Journey Toward IPO,” VC Giant Onboards Former CFTC Top Official
Brian Shroder, who was previously an executive at Ant Group and Uber, believes it will be “an extremely successful IPO.” Meanwhile, Brian Quintenz, who left CFTC last month, will advise a16z on crypto policy issues.
Leading cryptocurrency exchange Binance’s US entity, Binance.US, has appointed a new president after former OCC head Brian Brooks stepped down in just three months, and before that, Catherine Coley, who became the CEO in late 2019 and left this April.
At the time of Brooks’ departure, Matthew Graham, CEO at VC Sino Global Capital, had said that foreigners taking executive-level positions at Chinese companies “frequently ends in disaster.”
The latest hire is Brian Shroder, who was previously an executive at Ant Group, where he oversaw South East Asia operations, and Uber Technologies, where he was the head of strategy and business development for the Asia-Pacific region.
He will oversee the exchange’s strategy, execution, business and corporate development, fundraising, and manage its legal, product, and technology functions, the company said in a statement.
Shroder further said that he is looking “forward to sharing our exciting story with the broader investment community as we begin our journey toward IPO.”
Binance CEO Changpeng Zhao, CZ, the chairman of the board at Binance.US, recently said that the US entity, which was launched in 2019, is expecting to close a funding round shortly and is planning an eventual public offering (IPO).
“Based on our current trajectory, I believe we could have an extremely successful IPO in the next two to three years,” Shroder told Bloomberg, adding, the exchange looks to “close its first seed round by the end of the year.”
Ongoing Dialogues With Regulators
Binance has been facing a lot of regulatory scrutiny from regulators all over the world, the latest being Singapore. But Binance says it is currently having ongoing dialogues with regulators all around the world.
“Right now, the regulators around the world are paying attention to crypto.” When they do that, they pay attention to Binance because it is one of the largest players globally, so “of course they look at us” as such, “we have taken a lead example of some of the regulatory compliance measures,” said CZ in an interview with CNBC this week.
These measures include implementing mandatory full KYC on all of its platforms, and before that, they limited certain products in certain regions, said Zhao adding, “we have a lot of other things in the pipeline, but I think overall the situation is regulators are paying attention to this industry.”
While bad from the perspective of PR, it's “also good that we can help shape the regulatory narrative,” CZ added.
Regulatory Response To Crypto Innovation
Another big hire in the crypto industry was made by Silicon Valley venture capital giant Andreessen Horowitz (a16z), who onboarded former CFTC commissioner Brian Quintenz to advise on crypto policy issues.
Quintenz, who served at the CFTC from 2017 until last month and gave the green light to the listing of the first future contracts based on virtual currencies during his tenure, will be working with the team involved in crypto-related investments. He will be joining other crypto advisers at the firm, including Brent McIntosh, former top Treasury Department official for international affairs during the Trump administration, and Bill Hinman, who ran the corporate filings division at the SEC.
“The regulatory response to crypto innovation will be critical in whether an openly accessible, fully transparent, and decentralized value-creating financial ecosystem can be truly achieved,” Quintenz said in a statement.