Binance US Welcomes Ex-Fed Officer to Steer Compliance
Highlights
- Martin Grant, a former NY Fed chief compliance officer, joins the Binance US board.
- Grant's expertise is expected to strengthen Binance US's compliance with U.S. regulations.
- Binance US's board expansion aligns with its strategy to enhance governance.
Binance US, one of the leading cryptocurrency platforms in the United States, has added another director to its highly notable board. New York Federal Reserve Bank welcomes Martin Grant, a former chief compliance and ethics officer, to the board, who is well experienced in regulatory, legal, and compliance sectors. He worked at the NY Fed from 2005 to 2022 after joining the organization in 1990.
Martin Grant’s appointment is seen as a strategic play for Binance, US. The exchange forecasts that his specialization will be vital in understanding the more complicated U.S. regulatory environment. This improvement in the board is in line with the company’s vision to strengthen its compliance system as the industry is under regulatory scrutiny.
Binance US Boosts Board with Ex-Fed Officer
The board inclusion of Martin Grant is critical to Binance US. Grant’s appointment is critical to the exchange as it undergoes a comprehensive review of its compliance strategy with U.S. regulations, says Norman Reed, the Interim CEO of Binance US. Reed underlined Grant’s role, especially at a crucial regulatory crossroads in the US cryptocurrency industry.
The board expansion follows other recent developments at Binance, the global version of Binance US. Recently, Binance revealed its first formal board, the chairman of which is Gabriel Abed, which is another sign of the increasing tendency towards raising governance in the Bitcoin sector.
SEC Targets Crypto Giants, Including Binance
These appointments come against a backdrop of several regulatory and legal challenges that Binance and Binance US are facing. In June 2023, the U.S. Securities and Exchange Commission (SEC) filed a civil lawsuit against both entities, accusing them of offering unregistered securities. This case is one of a number of enforcement actions by the SEC against major players in the crypto industry, including Coinbase and Ripple.
Binance US CEO Changpeng Zhao abdicated his position in November 2023 after striking a plea deal with the U.S. authorities. Zhao pled guilty to a felony charge, and his sentencing is set for late April. His resignation and the lawsuit in the process highlight the increasing power of the U.S. regulatory bodies over the cryptocurrency exchanges located in the country.
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