Cryptocurrency markets

Binance Hires Former U.S. Treasury Department Investigator to Fight Money Laundering

Binance Hires Former U.S. Treasury Department Investigator to Fight Money Laundering
The largest cryptocurrency exchange Binance hired former criminal investigator Greg Monahan as a person responsible for combating money laundering. The marketplace announced the news on its official blog.
In his previous job - with the Internal Revenue Service (IRS) - Monahan was responsible for investigating tax and financial crimes. He talked about his ambitious plans to improve the popular exchange:

My efforts will focus on expanding Binance's international anti-money laundering (AML) programs, investigations, and strengthening the exchange's relationships with regulators and law enforcement around the world.
Binance Hires Former U.S. Treasury Department Investigator to Fight Money Laundering

Binance Hires Former U.S. Treasury Department Investigator to Fight Money Laundering

Binance CEO Changpen Zhao explained that for Binance, protecting users' interests is paramount, so the exchange works tirelessly to make its site a safe place for all market participants.

Despite the exchange's assurances that all steps are being taken in the interests of users, the new employees are rather needed to reconcile the trading platform with regulators.
Binance has already taken a whole series of restrictive measures in hopes of satisfying regulators. The company announced that it was lowering the withdrawal limit for accounts with a basic level of verification.
At the end of July, the trading floor announced that it would stop trading derivatives for Europeans.
And Changpen Zhao himself at the end of July suddenly announced that he was looking for a candidate who could take over the management of the company. According to him, the exchange needs someone with extensive regulatory experience who can negotiate with regulators and stop harassing the exchange around the world.

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