Binance, the world’s largest cryptocurrency exchange, has announced the appointment of a former American Treasury official as its new anti-money laundering (AML) enforcer, as the company tries to curry favor with regulators around the world.
In recent months, regulators in a number of nations have scrutinized the corporation, from Germany and the United Kingdom to Singapore and Thailand.
However, the company announced in a press release shared with Cryptonews.com that Greg Monahan, a former United States Treasury Criminal Investigator, has been appointed as its new Global Money Laundering Reporting Officer.
Monahan has “almost 30 years of credited government service,” according to the firm, with the majority of his time spent as a Treasury investigator, where he was “responsible for tax, money laundering, and other associated financial crime investigations.”
Monahan has “directed complicated multinational investigations that have resulted in the takedown” of “prolific cybercriminals, nation-state actors, and terrorist organizations,” according to the company.
According to reports, Monahan’s work would be centered on “growing Binance’s foreign AML and investigative programs, as well as boosting the organization’s relationships with regulatory and law enforcement authorities around the world.”
In recent months, the corporation has spent a significant amount of money on compliance.
Karen Leong, Binance’s current Global Money Laundering Reporting Officer, will take over as Director of Compliance, and the company claims to have “expanded its international compliance team and advisory board by 500 percent since 2020.”
Rick McDonell and Josée Nadeau, former Financial Action Task Force officials, were previously hired as compliance and regulatory advisors by the firm.
Its policy and government relations advisor is former US Senator Max Baucus.
Binance has been in talks with the former head of the Abu Dhabi Global Market, the ex-chief regulatory officer of the Singapore Exchange, and former Money Authority of Singapore (MAS) executive Richard Teng, according to reports earlier this week.
Individuals “familiar with the subject” told Bloomberg that Tang had been approached to lead Binance’s Asian operations, however it was unclear whether the ex-MAS official had accepted to the move.
Brian Brooks, the former head of the Office of the Comptroller of the Currency, abruptly resigned from his position as CEO of Binance after less than four months on the job.
According to The Block, Joshua Sroge, who was hired as Binance’s Chief Financial Officer in January of last year, would serve as temporary CEO until the company selects a full-time replacement.
Benefit from experienced traders with copy trading on NapBots https://NapBots.com 1 week free trial ! Discover more than 20 strategies dedicated to crypto-currencies, on the most liquid pairs (BTC, ETH …).NapBots allow novices to trade crypto easily and help traders save a lot of time! Bots work tirelessly to scan the markets and navigate through volatility to try to capture profitable trends.