Binance’s Brazil Director Resigns

“There was a misalignment of expectations about my role,” Ricardo da Ros (pictured) said in announcing his resignation as Binance’s Brazil Director.

“I was hired with the objective of structuring and regularizing the operation in Brazil, but the progress in these 6 months was below what I expected and I thought it was better to quit.

I believe that the company will take the necessary measures in its time and according to its strategy, which unfortunately differ from my expectations,” Da Ros said.

Da Ros did not provide any detail regarding this “misalignment of expectations,” but said he was “satisfied with the excellent results obtained in Brazil in these 6 months.”

Binance has recently faced regulatory action across the globe with the latest being Italy’s Commissione Naziole per la Società e la Borsa which issued a warning stating that Binance is not authorized to operate in the country.

UK’s FCA issued a similar warning last month, leading to a break up in Binance’s partnership with Clear Junction, one of the largest payment processor in UK.

Binance has also faced problems in Brazil according to local media where the Securities and Exchange Commission (CVM) banned Binance Futures.

In response to the director’s resignation, Binance stated:

“Ricardo da Ros, who for six months held the position of country manager for Brazil at Binance, is no longer in the organization. We are grateful for the work and contribution made by Ricardo during his time at Binance and we wish him well in his future endeavors.”

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