Brian Shroder, an executive who has overseen operations in Asia for Uber and the Chinese fintech giant Ant Group, was named President of Binance on Thursday. US.
The appointment comes as Binance CEO Changpeng Zhao, also known as CZ, reiterates plans to list Binance.US on the stock exchange within the next three years. However, it comes after a period of upheaval in which CZ ousted Binance’s former CEO. Catherine Coley, US, resigned in May, only to be replaced by Brian Brooks, who resigned abruptly in August.
The appointment of Shroder, a Harvard MBA who kept a low profile while holding senior positions at Ant and Uber, appears to be an attempt to right the ship. Shroder will be in charge of “strategy and execution, fundraising, business and corporate development, as well as managing the firm’s Legal, HR, and Product & Technology functions,” according to Binance.US.
Schroder said in a statement that his experience at fast-growing companies will help him guide Binance.US toward an IPO and that the company “has all the right ingredients to become the largest and most successful cryptocurrency and digital asset exchange in the United States.”
Shroder also stated that the company in the United States is “regulatory compliant,” though it is unclear if this is the case. Various authorities in the United States are reportedly investigating Binance for legal irregularities, while authorities in the United Kingdom recently described the company as “uncapable” of being supervised.
While those controversies concern Binance rather than Binance.US, there have been ongoing questions about whether the American operation is truly arms-length and independent, as CZ claims. These questions were raised again in the aftermath of Brooks’ abrupt departure, he had left after CZ failed to follow through on a plan to give Binance.US more autonomy through a new board structure and a new fundraising round.
It’s unclear whether the hiring of Shroder, who will also serve on the board of Binance.US, will alleviate these concerns about the American company’s independence. While he is a US citizen, his previous work as a fundraiser for Uber China and extensive work in Asia—where Binance is primarily based—may raise concerns that CZ is still in charge.
These perceptions may shift depending on who is named to succeed Brooks as CEO of Binance. US. In the meantime, an interim CEO is in charge of the US operation.
CZ praised Schroder in a statement, saying “His extensive background in strategy, operations, and business and corporate development will be invaluable as Binance grows.
To support its rapid growth, the United States seeks to raise external funds.”