Business

Binance.US Hires Ant Group Exec to Succeed Ex-CEO Brian Brooks

Brian Shroder’s brother, Matt Shroder, also works for Binance, as a vice president heading up the global markets team in Singapore.

Binance.US, the American arm of the world’s largest cryptocurrency exchange, is continuing its mission to beef up its leadership following the sudden departure last month of CEO Brian Brooks.

The company announced Thursday that it hired Brian Shroder as president of the exchange and also made him a board member. Shroder was formerly a strategist and business development executive at Ant Group, an affiliate company of Chinese internet giant Alibaba.

The former Uber executive will oversee fundraising, business and corporate development, as well as manage the company’s human resources and legal matters, said Binance.US.

The positive spin for Binance.US is that this hire will carry on bolstering the firm’s recently announced intention to go public, which Shroder alluded to in a statement: “I look forward to sharing our exciting story with the broader investment community as we begin our journey towards IPO,” he said.

However, the harsh reality is that Binance.US’s star regulatory hire, Brooks, a former chief of the Office of the Comptroller of the Currency (OCC), departed the exchange after just four months, amid a global regulatory assault on parent company Binance.com.

Asia connection

Shroder’s brother Matt Shroder, also works for Binance, as a vice president heading up the global markets team for Binance out of Singapore.

According to Josh Goodbody, chief operating officer of crypto custody firm Qredo, Shroder’s appointment is a shrewd move by Binance.US to bring in an executive with experience in doing business in Asia. Another objective will be facing off stiff competition in the U.S. market, with firms like FTX aggressively winning market share, he said. Goodbody was formerly director of growth for Binance’s European and Latin American markets.

“Despite being an independent company, Binance.US’ success is inextricably linked to its relationships with the Binance Group, an organization with its leadership and deep roots in Asia,” Goodbody told Reacon via Telegram, adding:

“Knowing how to navigate this business culture, whilst building an increasingly regulated business in the U.S., is a key skill Shroder will need to exercise.”

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