Crypto News Binance Hires Global Money Laundering Expert

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By Mark Hunter

12 hours agoFri Aug 20 2021 10: 11: 33

Crypto News Binance-Hires-Global-Money-Laundering-Expert

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  • Binance has hired a former IRS investigator to head up its money laundering division
  • Binance has been criticised for its lack of legal oversight in recent months
  • Changpeng Zhao cited a desire to turn the exchange into a fully regulated financial institution last month

Binance took another step in becoming a compliant financial service company. It hired a former U.S. criminal investigator to oversee its global money laundering operation. Greg Monahan spent his entire career in cybercrime investigations at The Internal Revenue Service. He will now lead a team that is trying to improve Binance’s image after being under immense pressure from financial regulators around the world.

Crypto News Monahan Well Placed to Improve Binance’s Reputation

Binance has announced plans to be fully regulated after being criticized by financial watchdogs on almost every continent for its operations. Binance has launched a hiring spree in order to strengthen its regulatory activities. However, many of these recruitments have been forced by a flood of resignations.

The hiring of Monahan was announced by the exchange on Wednesday. In a press release

, the exchange stated his role.

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

Crypto News UK Users Feeling The Pain of Regulatory Pushback

A number of financial regulators, including those from America, Europe and Asia, have expressed concern about Binance’s operations. They also criticized its lack of consumer protection. Meanwhile, a U.S. investigation by the Department of Justice (IRS) is ongoing into possible illicit activities. In July, CEO Changpeng Zhao addressed these criticisms and compared the rise of crypto adoption to seatbelt legislation during the era of automobiles.

UK customers have been particularly affected by Binance’s lack regulations. With GBP withdrawals being suspended and major banks refusing to allow UK users to send fiat money to the platform, Binance has not met their regulatory requirements. They hope that Binance will take sufficient measures to allow these processes to resume., FullCrypto
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