The former criminal investigator of the United States Treasury, Greg Monahan, joined major crypto exchange Binance to oversee the company’s international anti-money laundering efforts. (AML), the exchange announced on Wednesday.
Before replacing Karen Leong as Global Head of Money Laundering Information at Binance, Monahan worked for the U.S. Treasury for nearly 20 years as a member of the Criminal Investigation Unit of the Internal Revenue Service.. He was mainly responsible for the tax investigations, money laundering and other related financial crimes. He also held a brief position at Deloitte as a senior manager, depending on his professional profile.
Recalling the exchange’s previous efforts to support high-profile investigations, Monahan said that their efforts will focus on Binance AML and research programs, “as well as strengthening the organization’s relationships with regulatory and law enforcement agencies around the world“.
Binance said that its international compliance team and advisory board have grown 500% since 2020. Changpeng Zhao, CEO of Binance, noted that the team is expanding its capabilities “to make Binance and the wider industry a safe place for all participants“.
The ad says that Leong will remain at Binance as a director to advance law enforcement efforts within the organization..
Binance is stepping up its AML and compliance efforts in an attempt to make peace with regulators, who accuse the exchange of illegal operations around the world. Zhao recently shared the company’s vision of being licensed everywhere. “From now on, we are going to be a financial institution”, said.
After limiting leverage trading to 20x on your futures platform, Binance has recently launched a tax information tool to offer its users a way to review their tax obligations..
The exchange is also known for make prominent hires to boost your efforts in different areas. Last year, Binance hired former HSBC executive Teana Baker-Taylor to lead its expansion into the UK and the European market. HSBC UK has since suspended credit card payments to Binance.