Binance hires former US treasury criminal investigator in compliance role
Binance, the world’s largest cryptocurrency exchange by trade volume, has hired a former US treasury criminal investigator in a bid to placate regulators.
The company today announced that Greg Monahan, who has more than 30 years of experience working in tax, money laundering and financial crime, has been appointed as Global Money Laundering Reporting Officer (GMLRO).
Mr. Monahan said: “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.”
The news comes as the crypto exchange faces heat from regulators across the globe. In June, the UK’s Financial Conduct Authority issued a warning that Binance was “not permitted to undertake any regulated activity in the UK” prompting major banks to stop UK customers from making payments to the site.
Similar cautions have been issued by financial watchdogs in Hong Kong, Japan and the Cayman Islands who claim that the company had been providing financial services without proper permissions.
In a statement released today, Binance CEO Changpeng Zhao said: “We have always held Binance to the highest standard to safeguard our users’ interests, and to that end we are always expanding our capabilities to make Binance and the wider industry a safe place for all participants.”
Today’s appointment will help Binance move to a new regulatory strategy which will see the exchange “pivoting from reactive compliance to proactive compliance” according to Zhao.
Karen Leong, who has held the GMLRO position since 2018, remains at Binance as Director of Compliance and continues to promote compliance efforts within the organisation.
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