December 11, 2023

Binance hires ex-Treasury investigator to fight money laundering

A new employee of one of the largest crypto exchanges will be engaged in the fight against money laundering and the establishment ofthe company's relationship with financial regulators around the world.

One of the largest cryptocurrency exchanges Binance has announcedappointing former Treasury Department Criminal Investigator Greg Monahan as Anti-Money Laundering Officer. At the Treasury, Monahan was responsible for investigating tax evasion and other financial crimes, the company said.

According to a representative of the trading platform, earlierMonahan led international investigations related to the fight against cybercrime and terrorism. Its activities will focus on expanding Binance's international anti-money laundering programs, as well as strengthening the organization's relationship with financial regulators around the world.

In 2021, the marketplace facedpressure from global financial regulators. On August 13, she announced that some of the company's products are no longer available to residents of South Korea and Malaysia, in particular, trading pairs with the Korean won (KWN) and Malaysian ringgit (MYR), payment options for those currencies, and P2P applications. Binance explained the changes in work with the requirements of local authorities.

In July, Binance warned that it was discontinuingtrade in cryptocurrency derivatives in Europe. The first countries for which this opportunity was not available were Germany, the Netherlands and Italy. Their residents cannot open new accounts to trade futures or derivatives products. The crypto exchange also became involved in the investigation in Thailand, Singapore and the Cayman Islands.