Binance US has appointed the former chief compliance officer of the New York Federal Reserve to its board of directors.
Martin Grant, who served as the Fed's compliance and ethics officer until 2022, will help "oversee financial reporting processes and internal controls," according to a press release from Binance US.
Grant said:
“The U.S. digital assets industry is at an inflection point, and I'm excited to help shape the future of one of America's most influential and customer-centric cryptocurrency platforms. country".
Grant's addition “reflects the strength of our business and demonstrates our commitment to maintaining the highest standards of compliance and integrity.
Binance US interim CEO Norman Reed added:
“We look forward to benefiting from his expertise and advice as we continue to navigate the current regulatory environment and position Binance US for long-term growth and success.”
The Securities and Exchange Commission targeted both Binance US and Binance in a lawsuit filed last June.
The SEC alleges that the two – which are separate entities – offered unregistered securities and were not registered as exchanges.
Last year, the Department of Justice also announced a multi-billion dollar settlement with the cryptocurrency exchange and former CEO Changpeng Zhao was fired as part of the terms.
Another part of the agreement requires Binance to allow several groups from the Department of Justice to review Binance's activities. It will also be monitored by the Financial Crimes Enforcement Network.
Binance Chief Compliance Officer Noah Perlman said in a conference last week that the settlement is an “opportunity” for Binance to “enhance [its compliance program].”
General Bitcoin News.
