Binance, the largest cryptocurrency exchange by volume of transaction, announces the appointment of Greg Monahan, former US Treasury Criminal Investigator, as Global Money Laundering Reporting Officer (GMLRO).
Greg Monahan has nearly 30 years of credited government service, a majority of which is serving as a US Treasury Criminal Investigator, responsible for tax, money laundering and other related financial crime investigations. He has led complex international investigations that have resulted in the takedown of some of the most prolific cyber criminals, nation-state actors and terrorist organizations. According to reports, he will be based in Washington and be responsible for an existing team.
Binance in recent times has been facing regulatory pressure from all over the world, including America, where there is a probe by the Department of Justice and IRS into potential illicit activities.
The cryptocurrency industry, which is largely unregulated, is also bracing for new rules, such as IRS requirements on reporting cryptocurrency-related transactions in the U.S.
Binance, in a bid to be regulatory compliant, has devoted considerable resources to increase its compliance team by hiring individuals with government experience, including former executives from the Financial Action Task Force, an international standard-setting group devoted to combating money laundering, and Max Baucus, a former Democratic Senator.
What they are saying
Greg Monahan had this to say about his hire, “Binance has a strong culture of putting their users first, from providing market-leading products to supporting high-profile investigations that help make the crypto industry a safer place. My efforts will be focused on expanding Binance’s international anti-money laundering (AML) and investigation programs, as well as strengthening the organization’s relations with regulatory and law enforcement bodies worldwide.”
Binance CEO Changpeng Zhao, popularly known as CZ had this to say, “We have always held Binance to the highest standard to safeguard our users’ interests, and to that end we are always expanding our capabilities to make Binance and the wider industry a safe place for all participants. As a former US Federal Law Enforcement Investigator, Greg Monahan brings a wealth of AML and investigations experience to Binance. We’re thrilled to welcome him to our team as GMLRO and we look forward to his contributions.”
According to The Publication, Binance has grown its international compliance team and advisory board by 500% since 2020. Notable appointments include Jonathan Farnell as Director of Compliance, former FATF executives Rick McDonell and Josée Nadeau as compliance and regulatory advisors and former US Senator Max Baucus as policy and government relations advisor.
Binance’s native token BNB is trading at $394.19, down 9.43% for the day, as of the time of writing this report.