One of the world’s most popular crypto exchanges, Binance has been undergoing a major meltdown lately. The exchange was seen dealing with an array of regulators calling out the platform. This did not hold the exchange from making progress. While the crypto platform continues to explore and expand, its latest announcement revealed that it hadn’t stopped its recruiting process either.
In a recent blog post, Binance noted that the former Criminal Investigator at the United States Treasury, Greg Monahan would be joining the exchange to look into the anti-money laundering [AML] processes.
Monahan would be serving as the global money laundering reporting officer while replacing Karen Leong. Leong has been in this position since 2018 and would now serve as the Director of Compliance.
Speaking about his latest venture, Monahan added,
“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 welcomes former IRS supervisor
Monahan reportedly has about 20 years of experience at the U.S Treasury alone. He was part of the Internal Revenue Service’s [IRS] criminal investigation team. Money laundering and similar financial crime investigations were under his purview.
Additionally, Monahan worked at Deloitte for some time as a senior manager.
Further stressing on Monahan’s experience and time with the U.S. Treasury, the CEO of Binance, Changpeng Zhao welcomed him into the team. CZ further stated,
“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.”
With this, the crypto platform revealed that it was putting in efforts to ramp up its AML services.
Not too long ago the exchange withdrew support for the Korean Won [KRW], With immense pressure from regulators across the globe, the exchange could be losing out on partnerships and alliances.