Crypto News
| Published On Aug 18, 2021 11:54 am CEST  |  Updated on Sep 27, 2021 10:16 am CEST | By Peter Siu

Binance brings in former IRS official to lead AML compliance

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Binance, the world’s leading crypto exchange that has recently encountered serious headwinds, announced that it onboarded former U.S. Internal Revenue Service (IRS) investigator, Greg Monahan.

Monahan is brought in to ensure compliance across the globe and to lead the exchange’s global anti money-laundering efforts. Binance had recently lowered its leverage trading limits and closed their derivatives market for its Hong Kong and Europe customers.

In the Binance announcement, Monahan said:

“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.”

Binance hief Executive Officer Changpeng “CZ” Zhao, said:

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“We are always expanding our capabilities to make Binance and the wider industry a safe place for all participants.”

Monahan, coming off a recent gig with Deloitte, is not the first former U.S. government official Binance brings in to help it navigate the complex regulatory landscape.

Earlier this year, the exchange hired former U.S. senator and ambassador to China, Maxwell Baucus, as a government relations adviser. A month later the former acting comptroller of the currency of the United States Office of the Comptroller of the Currency (OCC), Brian Brooks, was appointed new Chief Executive Officer of Binance U.S.

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However, on August 6, Brooks made the decision to step down from Binance U.S. following “differences over strategic direction”.

Peter Siu

Peter is a former poker-pro, turned crypto enthusiast with 8+ years’ experience in operational roles dealing with all online gaming verticals within large iGaming companies, including Flutter and Entain. Now an expert in the field of Sports Betting, Casino, iGaming, and Poker, he is our team leader and editor. When not working, Peter can be found in the gym or playing sports like football, tennis and more recently padel.

Tags: Binance