Finance

Binance hires ex-US Treasury investigator to combat crypto money laundering

Crypto exchange Binance has hired a former US Treasury criminal investigator as its global money laundering reporting officer.

Greg Monahan has more than 30 years of US government service, the majority of which as a US Treasury criminal investigator responsible for money laundering, tax and related financial crime investigations.

Binance has beefed up its compliance function over the last year in the face of scrutiny from international regulators. The company said it had grown its international compliance team and advisory board by 500% since 2020.

READ Crypto exchange Binance just got banned in the UK — Here’s what it means

Binance CEO Changpeng Zhao said: “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.”

Monahan said: “My efforts will be focused on expanding Binance’s international anti-money laundering (AML) and investigation programs, as well as strengthening the organisation’s relations with regulatory and law enforcement bodies worldwide.”

Last month Binance halted offering derivatives and futures products to investors in Germany, the Netherlands and Italy amid a growing regulatory crackdown.

READ Binance rolls back European derivatives business

Separately, Malaysia’s markets commission rebuked Binance and CEO Zhao, for operating illegally in the country.

The Financial Conduct Authority warned consumers in June that Binance does not have permission to carry out regulated activities in the UK. Following the FCA’s warning banks such as Barclays blocked customers from transacting with Binance.

To contact the author of this story with feedback or news, email James Booth

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