Crypto exchange Binance has hired a former U.S. Treasury criminal investigator as the global head of money laundering reports.
Greg Monahan has over 30 years of service in the US government, the majority of which as a US Treasury criminal investigator responsible for investigating money laundering, tax and related financial crimes.
Binance has strengthened its compliance function over the past year in the face of intense scrutiny from international regulators. The company said it has increased its international compliance team and advisory board by 500% since 2020.
READ Binance Crypto Exchange Just Banned In UK – Here’s What It Means
Binance CEO Changpeng Zhao said, “We have always maintained Binance at the highest level to protect the interests of our users, and to that end, we are always expanding our capabilities to make Binance and the wider industry a safe place for all participants. “
Monahan said, “My efforts will focus on expanding Binance’s international anti-money laundering (AML) investigation and anti-money laundering (AML) programs, as well as strengthening the organization’s relationship with regulators. and law enforcement around the world. “
Binance last month stopped offering derivatives and futures to investors in Germany, the Netherlands and Italy amid growing regulatory repression.
READ Binance cancels its derivatives business in Europe
Separately, Malaysia’s Markets Commission reprimanded Binance and CEO Zhao, for operating illegally in the country.
The Financial Conduct Authority warned consumers in June that Binance was not authorized to conduct regulated activities in the UK. Following the FCA warning, banks such as Barclays have barred customers from dealing with Binance.
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