Binance exchange appoints key regulators as it strives to attain compliance

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TL;DR Breakdown

  • Binance exchange appoints IRS agents to boost compliance department.
  • Changpeng Zhao says he is ready to step down as CEO for regulatory professional.
  • Exchange ready to become a centralized firm to avoid more regulatory crackdown.

Binance exchange towards becoming regulatory compliant has again appointed two former U.S. Internal Revenue Service special agents into its intelligent division.

The number crypto exchange made the announcement in a statement on Thursday. Binance announced it has appointed Tigran Gambaryan and Matthew Price.

Gambaryan would be Binance exchange new vice president of global intelligence and investigations, while Price will serve as senior director of investigations.

Both of them were staff at the IRS and were both members of IRS’ Cyber Crimes Unit.

Gambaryan, the new Vice President IRS’ Cyber Crimes Unit led investigations into Silk Road and Mt. Gox. Price and was also the lead investigator in the recent case against darknet mixer Helix before joining Binance.

At Binance, Gambaryan will be tasked with conducting internal and external investigations “to prevent threats and financial losses.” The team would also keep close contact with regulators and law enforcement.

After much crackdown and warnings from regulators in different countries the exchange operates, the firm is bringing itself as close as it can to regulators to end the clampdown. One way it does this is by employing many of these regulators into key offices in the firm to help it get in the good books of regulators.

Other ways Binance exchange is set to end regulators clampdown

After series of battles with regulators in recent times, Binance exchange CEO Changpeng Zhao has said that he is ready to step down as CEO of the firm for a professional regulator to help it maneuver its challenges with regulators.

Also, the exchange has resolved to create headquarters in different countries and regions it operates outside its old style of being a decentralized business without a centralized headquarter.

Zhao acknowledged that regulators often frown upon the exchange’s decentralized operations model.

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