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Former New York Fed compliance chief joins Binance.US board.
Binance.US has appointed former New York Federal Reserve Bank compliance chief Martin C. Grant to its board of directors.
Binance.US said the appointment aims to boost compliance efforts and restore user trust after facing extensive regulatory scrutiny over ties to the global Binance exchange. The platform has struggled to grow its userbase in the wake of these challenges, with market data showing that Binance.US recorded only about $22 million worth of trades during the past day, compared to the $3.4 billion recorded by competitor Coinbase.
The appointment comes as the platform faces extensive regulatory scrutiny due to its ties with the global Binance exchange, which entered into a record fine settlement with U.S. authorities in 2023. This seeks to address the regulatory challenges faced by Binance.US itself as a US entity, which is facing allegations from the SEC that the platform has violated local laws due to its listing of assets considered as securities.
“The addition of a director of Martin’s caliber to the Binance.US Board reflects the strength of our business and demonstrates our commitment to maintaining the highest standards of compliance and integrity,” shares Norman Reed, interim CEO of Binance.US.
By bringing on Grant, Binance.US aims to strengthen its compliance measures and rebuild trust among its users. The platform hopes that Grant’s extensive experience in regulatory affairs and compliance will help navigate the complex legal landscape and ensure adherence to the highest standards of integrity.
As Binance.US continues to face regulatory scrutiny, the appointment of Martin C. Grant to its Board serves as a critical step in addressing the platform’s compliance challenges and demonstrating its commitment to operating within the bounds of the law. The crypto community will closely monitor the impact of this appointment on Binance.US’s ability to regain user trust and compete in the highly regulated US market.
Grant brings experience from roles like global head of regulatory affairs and integrity at JST Digital and chief compliance and ethics officer at the New York Fed between 2005-2022.