Former US Treasury official joins Binance to steer AML efforts
Former United States Treasury Criminal Investigator Greg Monahan joined main cryptocurrency exchange Binance to supervise the corporate’s worldwide Anti-Money Laundering (AML) efforts, the exchange announced on Aug. 18.
Before changing Karen Leong as the worldwide cash laundering reporting officer at Binance, Monahan labored for the U.S. Treasury for nearly 20 years as a member of the Internal Revenue Service’s felony investigation unit. He was primarily chargeable for tax, cash laundering and different associated monetary crime investigations. He additionally held a quick place at Deloitte as a senior supervisor, in accordance with his skilled profile.
Reminding earlier efforts of the exchange to help high-profile investigations, Monahan mentioned that his efforts can be centered on Binance’s AML and investigation packages, “as well as strengthening the organization’s relations with regulatory and law enforcement bodies worldwide.”
Binance mentioned that its worldwide compliance workforce and advisory board grew by 500% since 2020. Changpeng Zhao, the CEO of Binance, famous that the workforce is increasing its capabilities “to make Binance and the wider industry a safe place for all participants.”
Former GMLRO Karen Leong will stay at Binance as a director to advertise the compliance efforts inside the group, the announcement reads.
Related: Binance to close down crypto derivatives buying and selling in Europe
Binance is ramping up its compliance and AML efforts in a bid to make peace with regulators, who’re accusing the exchange of unlawful operations inside worldwide. CZ just lately shared the corporate’s imaginative and prescient to be licensed in all places. “From now on, we’re going to be a financial institution,” he summarized.
After limiting leverage buying and selling to 20x on its futures platform, Binance just lately rolled out a tax reporting device to provide its customers a technique to overview their tax liabilities.
The exchange can be identified to make outstanding hires to spice up up its efforts in numerous areas. Last 12 months, Binance employed former HSBC exec Teana Baker-Taylor to steer its growth within the United Kingdom and European market. Since then, HSBC UK has reportedly suspended bank card funds to Binance.