Binance has hired a former U.S. government investigator to serve as the exchange’s global money laundering officer.
The crypto exchange Binance has hired Greg Monahan, a former US government official with the Internal Revenue Service (IRS), as head of the global money laundering hotline.
Monahan’s appointment comes at a time when Binance is trying to expand its compliance efforts in the face of increasing scrutiny from regulators around the world such as: B. Hong Kong, Germany, Malaysia, Thailand, the United Kingdom and the United States, in relation to its share tokens, derivatives trading services and KYC (Know-Your-Customer) practices.
Monahan is based in Washington and has been with the IRS for over 20 years directing a criminal investigation into cybercrime. He joins Binance from Deloitte, where he worked in a compliance role for less than five months, as he states on LinkedIn. Monohan said:
“My efforts will be focused on expanding Binance’s international anti-money laundering and investigative programs and strengthening the organization’s relationships with regulators and law enforcement around the world.”
Binance CEO Changpeng Zhao mentioned Monahan’s role as a former federal police investigator, which is the main reason the exchange is confident he will bring a “wealth of AML and investigative experience” to the company. He said:
“As a former US Federal Police investigator, Greg Monohan brings a wealth of anti-money laundering and investigative experience to Binance.”
In July, Binance’s CEO said he was looking for a senior person with a strong regulatory background to lead Binance as the company evolves from a technology start-up to a financial services company. Zhao also said the company would make efforts to build corporate structures. This is a big change from the previous attitude of not having a headquarters.
Binance is reportedly under investigation by the IRS and the U.S. Department of Justice for potential illegal activity. In the past few months, Binance has tremendously strengthened its compliance and regulatory advisory team.
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