Binance Appoints Former US Treasury Officer As Anti-Money Laundering Officer

Binance, wants to appear as a compliant cryptocurrency exchange agent. (photo: executium/unsplash)

JAKARTA – - Binance said on Wednesday, August 18 that it had appointed a former US Treasury Department criminal investigator as its global money laundering reporting officer. This is part of Binance's efforts, as one of the world's largest cryptocurrency exchange agents, to reinvent itself as a compliant financial company.

Governments and financial watchdogs are paying more attention to the cryptocurrency industry, as it often enforces rules that pose challenges for exchange agencies like Binance that have thrived in a largely unregulated environment.

In recent months, the UK, Italy, and Hong Kong said the Binance unit was not authorized to conduct regulated activities in their markets. Meanwhile, Malaysia's financial regulator rebuked him for operating illegally in the country. Bloomberg also reported earlier this year that Binance is being investigated by the US Department of Justice and the Internal Revenue Service.

“My efforts will focus on expanding Binance's anti-money laundering and international investigation programs, as well as strengthening the organization's links with regulatory and law enforcement agencies around the world”, Greg Monahan, Binance's new representative, said in a statement.

Binance's chief executive, Changpeng Zhao, said last month he wanted to improve his relationship with regulators. He also said the exchange agency would seek their approval and establish a regional headquarters.

Wednesday's statement said that Binance has grown its international compliance team and advisory board by 500% since 2020. But not all recent employees have stayed.

Brian Brooks, chief executive of Binance's US branch, and previously acted as US Comptroller of Currency, stepped down earlier this month, just three months after taking up his duties.