Binance continues its regulatory moves

Another important move came from the Binance exchange, which is looking for many CEOs both in general and regionally and does not want to have problems with regulatory. The world’s largest exchange has appointed former US government official Greg Monahan as its chief global money laundering reporting officer. Monahan’s specialty is cybercrime.

Binance, the world’s largest exchange, has appointed Greg Monahan, a former US government official with expertise in cybercrime, as its global executive in charge of money laundering reporting.

Managed cybercrime investigations at the IRS


Monahan’s office will be in Washington and a team will be formed under the new manager. Monahan, who previously worked at the US tax agency, the IRS (Internal Revenue Service), led investigations into cybercrime. Binance, which is in an increasing wave of investigations all over the world, is also under the scrutiny of the IRS for illegal activities.

Speaking about his new role, Monahan stated that his work will be to enable Binance to further communicate with regulatory bodies in each country:

“My work will be to increase Binance’s international anti-money laundering and investigation programs. We will also establish more communication with the regulatory and legal institutions of the countries.”

Binance CEO who hires people with regulatory expertise is also looking for a replacement

Binance has recently started to assign people who have experience in regulation issues to the company. CEO Changpeng Zhao also states that he is constantly looking for a replacement CEO and this person should have experience in regulations. The young businessman, also known as CZ in the public, stated in his statement yesterday that he spent more than 80 percent of his time thinking about the regulations.

Binance has also recruited Max Baucus, a former executive director of the Financial Action Task Force (FATF) who has state-level experience in money laundering and also a former senator. CEO Zhao said in a statement that they should allocate more resources to the regulatory and legal departments.

Binance also announced that Karen Leong, the head of anti-money laundering at the company since 2018, will move to the position of chief compliance officer.

SEE ALSO; File request from crypto exchange Binance in Ripple case

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