Home Tech Binance Hires Former US Treasury Criminal Investigator as Global Money Laundering Reporting...

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

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

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

In recent months, Britain, Italy, and Hong Kong have said Binance units are not authorised to carry out regulated activity in their markets, while Malaysia’s financial regulator reprimanded he exchange for operating illegally in the country. Bloomberg also reported earlier this year Binance was under investigation by the US Justice Department and Internal Revenue Service.

“My efforts will be focused on expanding Binance’s international anti-money laundering and investigation programmes, as well as strengthening the organisation’s relations with regulatory and law enforcement bodies worldwide,” Greg Monahan, the new appointee, said 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 that Binance has grown its international compliance team and advisory board by 500 percent since 2020.

But not all of its recent hires have stayed.

Brian Brooks, chief executive of Binance’s US arm, and formerly acting US Comptroller of the Currency resigned earlier this month, just three months after taking up his role.

© Thomson Reuters 2021

Source link


ASRock Phantom Gaming Radeon RX 6600 XT Review: Good Performance, if You Can Buy One

There's still no end in sight to the insane graphics card shortage and resulting price spikes that have turned our market upside down....

Google Pixel Fold Once Again Tipped to Launch This Year

Google Pixel Fold, the first foldable smartphone from the tech giant, may launch in late 2021. Google's foldable smartphone under the Pixel lineup...

Motorola TV, Moto Tab 8 to Launch on Flipkart’s Big Billion Days Sale 2021: Report

Motorola may reportedly launch a new tablet — Moto Tab 8 — and a TV during Flipkart's Big Billion Days Sale 2021....


Please enter your comment!
Please enter your name here

Most Popular

IPL 2021 Points Table Update: Orange Cap Holder And Purple Cap Holder List After KKR vs RCB Match 31

IPL 2021: KKR thrashed RCB by nine wickets on Monday.© BCCI/IPLKolkata Knight Riders (KKR) produced a clinical performance as they beat Royal Challengers...

Justin Trudeau’s Party Wins Canada Election: Projections

<!-- -->Canada's Prime Minister Justin Trudeau called for a snap election.Ottawa: Canadian Prime Minister Justin Trudeau's Liberals were returned to power Monday in...

France Eyes Momentum At UN On Iran Nuclear Deal Talks

<!-- -->France aims at building positive momentum around Iran nuclear deal talks.Paris: France's top diplomat said Monday that he hoped a meeting of...

Covid-19 pandemic made women hesitant to have another baby, says new study | Health

New study reveals nearly half of New York City mothers who had been trying to have another baby before the coronavirus pandemic began...

Recent Comments