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Former US Treasury official joins Binance to lead AML efforts

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Amid growing regulatory scrutiny, Binance has hired Greg Monahan of the US Treasury to lead the Money Laundering Reporting (GMLRO) and Law Enforcement Administration.

Greg Monahan has nearly 30 years of civil service experience; most of which he worked as an investigator for the US Treasury Department. At the Treasury, Monahan was responsible for investigating tax evasion and other financial crimes.

According to a representative of the marketplace, Monahan previously led international investigations related to the fight against cybercrime and terrorism. Its activities will focus on expanding Binance’s international anti-money laundering programs; as well as strengthening the organization’s relationship with financial regulators around the world.

Note that Monahan currently lives in Washington and has also worked for the American Internal Revenue Service (IRS) for over 20 years as the head of the cybercrime investigation department.

Binance CEO Changpeng Zhao welcomed Monahan’s appointment and expressed hope that the strengthening of the security team will provide Binance with new opportunities to protect the interests of the exchange and the crypto community as a whole.

Binance continues to hire new employees

Overall, Binance has grown its international team and compliance advisory board 5x since 2020.

In March 2021, the exchange hired former U.S. Senator Max Bockus as a regulatory advisor. Binance later joined by former FATF executives Rick McDonnell and Jose Nado.

It is known that Binance is also in talks with several persons at once for the position of the head of the Asian division of the exchange. At the time of writing, Binance is known to have contacted Richard Teng; ex-director of regulatory affairs at the Singapore Exchange.

Binance celebrates its commitment to protecting the interests of users, and to this end, the exchange is expanding opportunities; including through the hiring of new employees, to make Binance and the industry as a whole a safe place for all participants.

These moves come amid ongoing global regulatory pressure on Binance and CZ’s compliance rate in various countries.

Pressure from financial regulators

In 2021, the marketplace faced pressure from global financial regulators. On August 13, she announced that some of the company’s products are no longer available to residents of South Korea and Malaysia, in particular, trading pairs with the Korean won (KWN) and Malaysian ringgit (MYR), payment options for those currencies, and P2P applications. Binance explained the changes in work with the requirements of local authorities.

In July, Binance warned that it would stop trading cryptocurrency derivatives in Europe. The first countries for which this opportunity was not available were Germany, the Netherlands and Italy. Their residents cannot open new accounts to trade futures or derivatives products. The crypto exchange has also become involved in the investigation in Thailand, Singapore and the Cayman Islands.

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