Binance Hires Former US Treasury Criminal Investigator As Global Money Laundering Reporting Officer

Binance said on Wednesday it had named a former US Treasury criminal investigator as its global money laundering reporting officer, part of an attempt by one of the world’s largest encryption exchanges to reinvent itself as a regulated finance company. .

Governments and financial watchdogs are paying more attention to the cryptocurrency industry, often setting rules that pose a challenge for exchanges like Binance, which have thrived in a predominantly unregulated environment.

In recent months, Britain, Italy and Hong Kong have said Binance’s units are not allowed to engage in regulated activities in their markets, while Malaysia’s financial regulator has reprimanded him for operating illegally in the country. Bloomberg also reported earlier this year that Binance was under investigation by the US Department of Justice and the Internal Revenue Service.

“My efforts will be focused on expanding Binance’s international anti-money laundering and investigation programs, as well as strengthening the organization’s relationships with regulatory and law enforcement agencies around the world,” said Greg Monahan, the new appointee , in a statement.

Binance chief executive Changpeng Zhao said last month he wanted to improve relations with regulators and said the exchange would seek their approval and establish regional headquarters.

Wednesday’s statement said Binance has increased its international compliance team and advisory board by 500 percent since 2020.

But not all of his recent hires stayed.

Brian Brooks, chief executive of Binance’s US arm and former US currency controller, resigned earlier this month, just three months after taking office.

© Thomson Reuters 2021


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