Quick take:
- In January, Lesley O’Neill the former Chief Compliance Officer at Prove Identity joined Binance US in a similar role.
- Binance US has adopted a compliance-first approach to business following a $4.3 billion SEC penalty last year.
- Mr. Grant also joins Binance US’s board of directors.
Binance US is taking a more proactive approach to crypto regulation and compliance amid last year’s woes that saw the crypto exchange giant part with $4.3 billion in SEC penalties as a charge for what the US capital markets watchdog said was a ‘breach of securities laws’ among other accusations.
The company has just announced that the former New York Fed’s Chief Compliance & Ethics Officer, Martin C. Grant will be joining its board of directions to help oversee financial reporting processes and internal controls.
This announcement comes barely three months after Binance US appointed Lesley O’Neill the former Chief Compliance Officer at Prove Identity to become its Chief Compliance Officer in January.
Lesley has been brought in to spearhead the company’s compliance efforts, including its Know Your Customer (KYC), Anti-Money Laundering (AML), and sanctions programs and brings 15 years of experience related to regulatory and privacy compliance, information security, and identity verification and authentication to Binance US.
On the other hand, Martin’s 17-year tenure as the New York Fed’s Chief Compliance & Ethics Officer saw him develop and manage programs related to anti-money laundering, sanctions enforcement, risk assessment, data privacy, third-party due diligence, records management, trading compliance, ethics, and conduct.
Commenting on his new role at Binance US, Grant said: “It is an honour to join the Binance.US Board and be part of an organization built from the ground up to connect Americans to the digital asset industry in a safe, responsible, and compliant manner.”
“The American digital asset industry is at an inflexion point, and I am excited to help guide the future of one of the country’s most influential and customer-centric crypto platforms,” he added.
Norman Reed, Interim CEO of Binance.US commented: “The addition of a director of Martin’s calibre to the Binance.US Board reflects the strength of our business and demonstrates our commitment to maintaining the highest standards of compliance and integrity. We look forward to benefiting from his expertise and counsel as we continue to navigate the current regulatory environment and position Binance.US for long-term growth and success.”
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