Binance, the largest crypto exchange that is currently in trouble with a lot of regulators around the world, has been shoring up its regulatory activities as it rushes to comply with the various jurisdictions in fear of losing more business.
The exchange has been hit hard with regulatory actions in the UK, US, Malaysia, India, and many other countries as it has grown too much too quickly at a time when the regulations in many countries, for the crypto ecosystem, were sparse. So, when Binance opened its exchange for the users in these countries, it was free to do as it wanted to which meant that it was free of compliance and it used the opportunity at that time. Now that the regulators have finally woken up to crypto in recent times, they have been looking into the actions of Binance very closely and notice that it has flouted several compliance and money laundering procedures and now the exchange is being pulled up for the same.
The exchange has responded by hiring a lot of experienced management members in their regulatory section. The latest hire has been Greg Monahan as the global money laundering reporting officer. Greg had worked in the US Treasury Department for several years where he worked as a criminal investigator who was responsible for a variety of criminal investigations including tax, money laundering, and others.
Monahan said: “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.”
The exchange has increased its compliance and regulatory staff severalfold over the last few months. With China also deciding to shut down all the crypto-related firms operating on its soil, Binance would be looking to ensure that it can safeguard its business in the other regions so that it can continue to maintain its position as one of the dominant crypto exchanges in the world. For this sake, its CEO, CZ, has even indicated his willingness to step down from his post and allow someone else, with good regulatory knowledge and background, to take over his role so that the exchange can become compliant in different regions and can enter into the good books of the regulators.
