According to an announcement on Wednesday, Binance, the world’s largest cryptocurrency exchange in terms of the daily trading volume, has hired Greg Monahan.
He is a former U.S. Treasury criminal investigator and is now the company’s global money laundering reporting officer.
This may be an attempt to make it look like a more regulated financial company.
Binance Hires Cybercrime Expert
Monahan has experienced for 30 years in credit government service with most of the time serving as a US Treasury Criminal Investigator, responding for tax, money laundering, and other similar financial crime investigations.
Speaking on the new appointment, Greg Monahan said:
“Binance 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. My efforts will be focused on expanding Binance’s international anti-money laundering and investigation programs, as well as strengthening the organization’s relations with regulatory and law enforcement bodies worldwide.”
Binance Is Making Attempts to Comply with Regulations
Binance is facing regulatory issues in many countries, such as the U.S., Malaysia, and Hong Kong.
The crypto exchange has conducted some recent hires to improve and strengthen its compliance and regulatory advisory team. Its international compliance team and advisory board have grown to 500% since 2020.
As governments and financial regulators are paying closer attention to the cryptocurrency space, they start making rules for exchanges that have been developing in a mostly unregulated environment.
Over the last two months, the U.K, Italy, and Hong Kong banned Binance’s operations in their markets. Meanwhile, Malaysia’s financial regulator also is criticizing the crypto exchange for operating illegally in the country.
Binance has been investigated by the U.S. Justice Department and Internal Revenue Service to see whether the exchange permitted Americans to make illegal trades, including the use of cryptocurrencies in concealing illegal transactions such as theft, tax evasion, and drug deals.