Binance Hires Former U.S. Treasury Criminal Investigator Greg Monahan

Leading cryptocurrency exchange Binance revealed that it has recruited a former U.S. Treasury criminal investigator to work as the company’s new global money laundering reporting officer.

For a while now the exchange has been facing regulatory issues from both governments and financial watchdogs and since then, as one of the world’s largest crypto exchanges, it is working towards becoming a regulated financial firm. 

Its recent move to onboard a former US treasury criminal investigator as one of its officers is in alliance with its goal of appointing senior officials who are conversant with compliance procedures and becoming regulated.

Greg Monahan, the new appointee, commented on how his position in the company will bring benefits.

He 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.” 

One of the regulatory issues Binance faced was from the Securities and Exchange Commission (SEC) in Thailand, who lodged a criminal complaint against the cryptocurrency exchange platform, along with other regulators.

The Thai SEC alleged that Binance was offering services for trading and exchanging digital assets unlawfully since the company was not regulated under the Digital Asset Business Emergency Decree. 

Binance, also in accordance with the claim, does not have pertinent licenses under the law that permits it to provide services related to digital asset trading, exchange, depository, transfer, withdrawal, or any transactions related to digital assets.

Not too long after the Thai regulatory issue, Consob, the Italian market watchdog, stated that Binance is not authorized to operate in the country despite the fact that some of the country’s offerings like derivatives and stock tokens were previously written in Italian.

Binance chief executive officer Changpeng Zhao (CZ), in order to improve relations with regulators, said the exchange is applying for licenses around and would establish regional headquarters. CZ also stated that he wants to convert the company from a tech startup to a financial institution.

To further prove his keenness to regulate the company, CZ further revealed that he is willing to step down as CEO if the exchange finds someone among the senior compliance officers it plans to hire who has a strong regulatory background and fits the CEO position.