Hassan Maishera
Leading cryptocurrency exchange Binance has increased its efforts to ensure it stays on the good side of regulators. This time, the exchange has hired a former IRS official to head its global money laundering reporting sector.
Greg Monahan to handle Binance’s money laundering reports
Binance, one of the world’s leading digital assets trading exchanges, is making changes to its operations. In a bid to ensure that it complies with regulatory standards in various countries, Binance has been hiring ex-regulatory officials to fill certain roles in the company.
Earlier today, Binance announced that it had appointed Greg Monahan to serve as its Global Money Laundering Reporting Officer (GMLRO). Greg Monahan comes with a lot of experience after serving as a US Treasury Criminal Investigator for more than 30 years.
Binance said, “Mr. Monahan has nearly 30 years of credited government service, a majority of which as a US Treasury Criminal Investigator, responsible for tax, money laundering and other related financial crime investigations. He has led complex international investigations that have resulted in the takedown of some of the most prolific cyber criminals, nation-state actors and terrorist organizations.”
Monahan is excited to join the Binance team as he believes the cryptocurrency exchange has a strong culture of ensuring its users come first, providing market-leading products and supporting high-profile investigations to ensure the cryptocurrency space becomes safer for everyone involved.
Monahan said he would focus on expanding the cryptocurrency exchange’s international anti-money laundering (AML) and investigation programs. Furthermore, he wants to strengthen the company’s relations with regulatory and law enforcement bodies worldwide.
Binance has come under fire from regulators in the United Kingdom, Malaysia and Italy in recent weeks. After the UK’s FCA banned Binance Markets Limited from operating in the country, several leading banks, including HSBC, Barclays and Santander, began blocking payments to Binance. Malaysian regulators have also ordered Binance to stop operating in the country for lack of proper registration. In Italy, the regulators warned that Binance is operating without a license.
