cryptovibes.com
Leading cryptocurrency exchange platform, Binance is now implementing techniques to help it achieve compliance. The exchange has appointed a former IRS official, Greg Monahan, to be in charge of its anti-money laundering division.
The appointment comes at a critical time for Binance, as the exchange is facing heightened regulatory backlash from different countries. The appointment of Monahan will help Binance deal with some of the money laundering issues that the exchange is facing.
Extensive Experience
Monahan has more than thirty years of experience working in the government sector. He has served in the US Treasury as a criminal investigator, where he was tasked with overseeing taxes, money laundering and other financial crime activities. He has also been a lead investigator in cases that have led to the arrest of cybercriminals and terrorists.
Before joining Binance, Monahan was working at Deloitte, an account consultant firm, where he held a Senior Manager position. He will be taking over from Karen Leong, who will now be the Director of Compliance.
“Binance has a strong culture of putting their users first, from providing market-leading products to supporting high-profile investigations that help make the crypto industry a safer place,” Monahan stated. “My efforts will be focused on expanding Binance’s international anti-money laundering (AML) and investigation programs, as well as strengthening the organization’s relations with regulatory and law enforcement bodies worldwide.”
Binance regulatory Issues
The recent months have been bumpy for Binance, as the exchange has faced regulatory scrutiny from Britain, Italy, Thailand, Hong Kong, Japan and Poland. It was recently ordered to seize its offerings in Malaysia for illegal operations. Earlier in the year, a Bloomberg report stated that Binance was under investigation by the Internal Revenue Service and the US Justice Department.
However, Binance has taken several measures to abide by the evolving regulatory laws. The exchange has recently hired high profile individuals with previous ties to compliance departments. The exchange has also seized offering stock tokens trading because of regulatory issues.
Speaking on the recent appointment, Binance’s CEO, Changpeng Zhao stated that Monahan’s previous roles at the US Federal department will enable him to bring AML compliance to Binance and improve Binance’s investigation efforts.