Binance, the world’s leading crypto exchange that has recently encountered serious headwinds, announced that it onboarded former U.S. Internal Revenue Service (IRS) investigator, Greg Monahan.
Monahan is brought in to ensure compliance across the globe and to lead the exchange’s global anti money-laundering efforts. Binance had recently lowered its leverage trading limits and closed their derivatives market for its Hong Kong and Europe customers.
In the Binance announcement, Monahan said:
“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 hief Executive Officer Changpeng “CZ” Zhao, said:
“We are always expanding our capabilities to make Binance and the wider industry a safe place for all participants.”
Introducing Greg Monahan, our new Global Money Laundering Reporting Officer.
Greg joins us to further #Binance’s efforts in working closely with regulators to help the crypto industry continue to grow. Read more @business https://t.co/ZGfGmm0Gzg
— Binance (@binance) August 18, 2021
Monahan, coming off a recent gig with Deloitte, is not the first former U.S. government official Binance brings in to help it navigate the complex regulatory landscape.
Earlier this year, the exchange hired former U.S. senator and ambassador to China, Maxwell Baucus, as a government relations adviser. A month later the former acting comptroller of the currency of the United States Office of the Comptroller of the Currency (OCC), Brian Brooks, was appointed new Chief Executive Officer of Binance U.S.
However, on August 6, Brooks made the decision to step down from Binance U.S. following “differences over strategic direction”.
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