Sarah Tran
Independent Analyst
- The CEO of the American arm of leading crypto exchange Binance, Brian Brooks, has stepped down from his role.
- Brooks stated that due to differences in strategic direction, he has chosen to resign as CEO.
- Binance continues to face regulatory hurdles, but founder Changpeng Zhao remains confident about the future of the exchange.
Binance.US CEO Brian Brooks recently announced that he has resigned from his position at the cryptocurrency exchange after less than six months on the job.
Binance continues to face challenges
The chief executive officer of the American arm of the leading crypto exchange Binance, Brian Brooks revealed that he resigned from his role just three months after taking on the position.
Brooks declared that he would be leaving over Twitter, stating that the reason behind the decision was due to differences in strategic direction, and he further wishes the crypto exchange continues to see success.
The founder of Binance, Changpeng Zhao verified Brooks’s resignation on social media, adding that he remains “confident in Binance.US’s business.”
The hiring of Brooks as the CEO of Binance.US was seen as a win for the company, as he was previously the acting head of the Office of the Comptroller of the Currency (OCC) under the Trump administration.
The OCC was able to put forward guidance to clarify that banks could provide crypto custody services and use stablecoins for facilitating transactions under Brooks’s watch.
Brooks’s departure from the crypto exchange follows a series of regulatory scrutiny that has rattled the company. Several countries have issued warnings or even banned Binance from operating.
In response to the regulatory scrutiny, Zhao announced that the firm is looking to get licensed wherever possible and that the exchange aims to become a regulated financial entity.
Binance Coin price may have reached local top
Binance Coin price has sliced above the symmetrical triangle pattern on the daily chart on July 28, hinting at a potential rally. However, BNB is currently losing steam as a key technical indicator suggests that the exchange token may have recorded its local top.
The Momentum Reversal Indicator (MRI) has flashed its second consecutive MRI top, signaling that Binance Coin price could see a trend reversal.
The first line of defense for BNB is at the 200-day Simple Moving Average (SMA) at $328, and the second support level is at the 38.2% Fibonacci retracement level at $320.
BNB/USDT daily chart
Should selling pressure increase, Binance Coin price could find further support at the 50-day SMA at $308, before dropping to the 50% Fibonacci retracement level at $302 should the bears take control.
On the other hand, if Binance Coin price manages to close above the 23.6% Fibonacci retracement level at $343, a reversal of fortune could be in the offing. The next upside target for BNB is at the 100-day SMA at $374, should the buyers step in.
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