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Binance exchange makes another strategic appointment to end regulatory hurdle

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TL;DR Breakdown

  • Exchange appoints Greg Monahan, a former US criminal investigator  to help in regulatory fight.
  • Monahan impressive CV a factor for his appointment with Binance.

Number one crypto exchange Binance has again appointed a top regulatory professional to improve its compliance department as it tries to navigate its many regulatory travails.

Binance exchange announced the appointment of Greg Monahan – a former US Treasury Criminal Investigator, to serve as the firm’s new Global Money Laundering Reporting Officer. The exchange also noted that the appointment is to comply with global watchdogs as expected.

The exchange before now has always expressed its readiness to comply with regulators even as it remains ‘the most’ targeted crypto firm from regulators globally. Binance has made several moves to ensure its compliance with regulators across different countries.

The exchange has lowered high trading leverage limits. It closed down its derivatives offering in Hong Kong and across Europe and now appoints another regulatory expert to a senior office in the firm towards meeting regulatory policies.

Why Binance exchange went for Greg Monahan

The exchange in its release noted that Monahan has 30-year of experience in credit government service and also a lot of experience as a US Treasury Criminal Investigator. While in government service, he handled tax, money laundering, and other similar financial crime investigations.

The exchange highlighted that Monahan led international investigations resulting in the takedown of notorious cyber criminals and terrorist organizations.

While reacting to his appointment, the new Binance Global Money Laundering Reporting Officer, Monahan, explained that his role, will include striving to expand the company’s international anti-money laundering (AML) and investigation programs. Also, he will focus on strengthening Binance’s relations with regulatory and law enforcement bodies.

He also acknowledged that the exchange 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.

However, this is not the first time the exchange firm would employ a former US official to help it clear regulatory hurdles, especially in the US.

Brian Brooks, a former CEO of Binance US, who was a US regulatory official, recently resigned for reasons unknown.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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