Personnel Changes | Former CEO of Binance US, Brian Brooks, parachutes into mining company Bitfury as CEO
After a three-month hiatus, former Acting Comptroller of the Currency and former CEO of Binance US, Brian Brooks, will be joining the cryptocurrency mining company Bitfury as its CEO.
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Bitfury's New CEO
According to a press release, cryptocurrency mining company Bitfury has announced the appointment of Brian Brooks as its CEO. Co-founder and former CEO Valery Vavilov will transition to the role of Chief Visionary Officer and Chairman of the Board.
It’s a momentous day at @BitfuryGroup as we welcome @BrianBrookUS to the team as #CEO. Looking forward to focusing on our strategy and values as #CVO and working with Brian to continue to build the infrastructure for a tokenized global economy. https://t.co/5U0wjYBy5x
— Val Vavilov 🇺🇦🇺🇦🇺🇦 (@valeryvavilov) November 4, 2021
Founded in 2011 and headquartered in the UK, Bitfury is currently valued between 5 to 10 billion USD. Co-founder Valery Vavilov mentioned that he has been searching for a new leader for the past three years, and it has finally come to fruition.
In an interview with the Financial Times, Brian Brooks stated:
Running an exchange is a profitable business, but it may not be where new startups emerge. Bitfury, as the only mining chip producer outside of China, has a more advantageous position.
Brian Brooks also addressed the environmental concerns surrounding Bitcoin mining, saying:
Bitcoin mining does have an impact on the environment, but Bitfury has implemented solutions to reduce this impact through cooling systems for mining machines and more efficient data centers.
Brian Brooks
Brian Brooks has had a distinguished career in recent years:
- 2018 – 2020: Chief Legal Officer at Coinbase
- 2020 – 2021: Board Member of the U.S. Federal Deposit Insurance Corporation (FDIC)
- 2020 – 2021: Acting Comptroller of the Currency and concurrently served at the FDIC
- May to August 2021: CEO of Binance US
Previously, Brian Brooks abruptly left his position as CEO of Binance US after only four months, citing "strategic differences."
During his tenure as Acting Comptroller of the Currency, he was known for advocating crypto-friendly policies aimed at providing cryptocurrency custody services to the public and enabling banks to engage in stablecoin businesses.
He also mentioned that Bitfury is considering fundraising and an IPO, believing that the current conditions in the venture capital market are very favorable. Given his past government and business relationships, this could potentially help enhance the compliance status of mining activities.