Brian Brooks, the former CEO of Binance.US, has alleged that Binance CEO Changpeng Zhao (CZ) was ultimately in charge of the exchange, even though Brooks was officially the CEO.
Brooks made these allegations in court documents filed this week as part of an ongoing lawsuit between the SEC and Binance.
In the documents, Brooks said that he quickly realized after joining Binance.US that CZ was still calling the shots. He said that CZ had the final say on all major decisions and that Brooks was often overruled when he tried to make changes.
Brooks also said that he was never given access to Binance’s financial records, which made it difficult for him to do his job.
Brooks’ allegations are significant because they raise questions about CZ’s leadership style and Binance’s compliance practices. CZ has denied any wrongdoing, and Binance has said that it is committed to following all applicable laws and regulations.
The SEC’s lawsuit against Binance alleges that the exchange violated securities laws by selling unregistered tokens to US investors. The SEC is seeking unspecified damages from Binance and CZ.
The case is still in its early stages, and it is unclear how it will be resolved. However, Brooks’ allegations have put Binance under a spotlight, and it remains to be seen how the exchange will respond to them.
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