Get $10 FREE Bitcoin with this Coinbase signup link https://coinbase-consumer.sjv.io/BX0KM0

– – –

ARTICLE SOURCE https://coinmarketcap.com/alexandria/article/binance-compliance-journeys-latest-stop-is-an-irs-criminal-investigations-cop

Published on: August 18, 2021
Written by: Leo Jakobson

The final stop of Binance 'Compliance Journey' is an agent of the IRS-Criminal Investigation

The world's largest cryptocurrency exchange has added another enforcement expert to its team as it responds to a series of attacks by regulators around the world.

Binance has hired Greg Monahan, a former agent from the IRS's Criminal Investigations division, as its new head of anti-money laundering.

The bringing in of Monahan, a 20-year veteran of US government financial enforcement and investigations, is the latest in a series of moves by Binance as it “pivots” to what CEO Changpeng “CZ” Zhao calls a “proactive compliance policy” mentions.

As a criminal investigator for the U.S. Department of the Treasury, Monahan has led “complex international investigations that have resulted in the takedown of some of the most prolific cybercriminals, national actors and terrorist organizations,” according to Binance.

Monahan spent the last five years of his tenure at the IRS-CI as a supervisory special agent and then as an assistant special agent in charge, where he led investigations into tax-related financial crimes and money laundering.

/ “My efforts will be focused on expanding Binance's international anti-money laundering (AML) and investigative programs, as well as strengthening the organization's relationships with regulatory and law enforcement agencies worldwide,” Monahan said in the announcement.

He added: “Binance has a strong culture of putting users first, from delivering market-leading products to supporting high-profile research that helps make the crypto industry more secure.”

Monahan joined Binance as Global Money Laundering Reporting Officer, while Karen Leong, who had held the position since 2018, rose to become Binance's director of compliance.

Noting that Monahan “brings Binance a wealth of AML and research experience,” Zhao said his company is “continually expanding our capabilities to make Binance and the broader industry a safe place for all participants.”

Change under fire

The appointment on August 18 comes less than two weeks after Binance announced the policy as it stopped offering derivatives products such as futures and options in Hong Kong due to regulatory pressure. This followed closely after similar steps in Germany, Italy and the Netherlands.

Regulators in Malaysia, Britain, Japan and Thailand have all ordered Binance to stop operating in their jurisdictions without a license over the summer.

Zhao promised that the exchange would “help establish best practices in crypto compliance globally” when he announced the proactive compliance policy.

In the release, Binance said it has increased the size of its international compliance team and advisory board fivefold over the past two years. This includes the appointment of former eToro compliance chief Jonathan Farnell as Binance's European Director of Compliance in July, and the addition of two former Financial Action Task Force executives, Rick McDonell and Josée Nadeau, as compliance and regulatory advisors. The FATF is an international advisory organization that is so influential that it effectively determines AML policy worldwide.

Binance also added former U.S. Senator Max Baucus, a Democrat from Montana, as a policy and government relations advisor.

Please take the opportunity to connect and share this video with your friends and family if you find it helpful.