THE Binance wants to regain investor confidence after accusations that the exchange would be colluding with practices of money laundry. For this, the world’s largest cryptocurrency broker has hired an expert to lead its global team to fight cybercrime.
Greg Monahan is a former United States government official, expert in digital security. He will be based in Washington, where Binance is being investigated by the Department of Justice for illicit activities.
Although the current SEC director, the US CVM, has already stated that regulators have some control over exchanges, the cryptocurrency market still lacks further regulation.
Monahan has nearly 30 years of service for the US government. For most of that time, he served as a criminal investigator for the US Treasury, responsible for taxes, money laundering and other financial crimes investigations.
He has spearheaded complex international operations that have resulted in the ousting of some of the most prolific cybercriminals, state actors and terrorist organizations.
Binance has increased its international team of compliance and an advisory board by 500% since 2020. Among the nominations, it is worth mentioning:
- Jonathan Farnell, who arrived as Chief Compliance Officer;
- Former FATF (International Financial Action Group) executives Rick McDonell and José Nadeau as regulatory and compliance advisors;
- And former senator Max Baucus as a consultant on government policy and relations.
“My efforts are focused on expanding Binance’s international anti-money laundering and investigation programs, as well as strengthening the organization’s relationships with regulatory and law enforcement agencies around the world,” said Monahan.
“Win her, protect her”
Earlier, Binance CEO Changpeng Zhao, known as “CZ,” stated on his Twitter account: “Your credibility is always worth more than the credit (money) you have. Win it, protect it”.