Crypto exchange Binance hires former U.S. Treasury criminal investigator Greg Monahan as its global money laundering reporting officer

In a statement Binance said, it had appointed former U.S. Treasury criminal investigator Greg Monahan as its global money laundering reporting officer, in an effort to reinvent itself as a regulated financial firm from being one of the world’s largest crypto exchanges.

The development comes at a time when financial watchdogs and Governments are paying close attention to the cryptocurrency industry, often placing rules that pose a challenge for crypto currency exchanges such as Binance, that have thrived in a largely unregulated environment.

In recent months, Italy, Britain and Hong Kong have stated Binance’s units are not authorized to carry out regulated activity in their markets; Malaysia’s financial regulator reprimanded Binance for operating illegally in the country. According to a report from Bloomberg, Binance is being investigated by the U.S. Justice Department and Internal Revenue Service.

“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,” said Greg Monahan, in a statement.

Last month, Binance’s CEO Changpeng Zhao said, he wanted to improve relations with regulators, and would seek their approval to establish regional headquarters.

In a statement on Wednesday, Binance said, it has grown its international compliance team and advisory board by 500% since 2020.

Not all hires have stayed with the company. Earlier this month, Brian Brooks, chief executive of Binance’s U.S. arm, and a former acting U.S. Comptroller of the Currency resigned just three months after taking up his role at the company.



Categories: Creativity, Entrepreneurship, HR & Organization, Strategy

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