Binance Crypto Exchange Hires Former US Treasury Criminal Investigator

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HONG KONG (Reuters) – Binance said on Wednesday it had appointed a former U.S. Treasury criminal investigator as global head of money laundering reports, in an attempt by one of the largest crypto exchanges in the world. world to reinvent itself as a regulated financial company.

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

In recent months, Great Britain https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group, Italy https: //www.consob. it / documents / 46180/46181 / pr_20210715.pdf / 7f78ad2d-a146-4b17-abe8-92efac07f49e and Hong Kong https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement- news / doc? refNo = 21PR76 said Binance units are not allowed to conduct regulated activity in their markets, while Malaysia https://www.sc.com.my/resources/media/media-release / sc-takes-enforcement-actions -on-binance-for-illegally-operating-in-malaysia the financial regulator berated the exchange for operating illegally in the country. Bloomberg also reported earlier this year that Binance is under investigation by the US Department of Justice and the Internal Revenue Service.

“My efforts will focus on expanding Binances’ international anti-money laundering and investigation programs, as well as strengthening the organization’s relationship with regulatory and law enforcement agencies. around the world, the newly appointed Greg Monahan said in a statement.

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

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

But not all of his recent hires have stayed.

Brian Brooks, chief executive of the U.S. branch of Binance and former acting U.S. currency controller resigned earlier this month, just three months after taking office.

(Reporting by Alun John; Editing by Tomasz Janowski)

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