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Binance declares war on money laundering – former tax investigator as a secret weapon

The Binance crypto exchange is a global leader. (Image: Shutterstock)

The crypto platform Binance wants to rebut allegations of money laundering and illegal business. To this end, she has now hired a former Treasury Department detective as the Global Money Laundering Reporting Officer.

Binance is the world’s largest crypto trading platform, but currently probably also the one with the most trouble with authorities. Recently, the crypto exchange was targeted by the authorities in more and more countries and even had to stop individual services entirely to prevent official steps from being taken. Allegations of money laundering had also been raised again and again.

Binance appoints Global Money Laundering Reporting Officer

As Binance has now announced in a blog post, Greg Monahan will support the company in the future as Global Money Laundering Reporting Officer in the fight against money laundering activities on the platform. Monahan is a former Treasury Department detective with 30 years of experience prosecuting and investigating tax evasion, money laundering and related crimes.

Greg Monahan will be responsible for tracking down money laundering transactions and thwarting them at Binance. (Screenshot: Binance / t3n)

“I will expand Binance’s international anti-money laundering and investigation programs and strengthen relationships with regulators and law enforcement agencies around the world,” said Monahan. The aim is to make Binance and the industry in general a safe place for all participants, added Binance CEO Changpeng Zhao.

Since 2020, Binance has increased its advisory board and international compliance team by a total of 500 percent – including a former US Senator and the former head of the United Nations Office on Drugs and Crime.

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Countries have long since targeted Binance

In June of this year, the British financial market regulator FCA issued a warning against the crypto platform and the activities of the UK-based subsidiary Binance Markets Ltd. restricted. Shortly thereafter, the Thai financial market regulator filed a criminal complaint against Binance.

In April 2021, the German Bafin initiated investigations against Binance. The supervisory authority sees the suspicion of a violation of the prospectus obligation.

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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