Binance.US tapped the New York Federal Reserve’s former compliance chief to its board of directors.
Martin Grant, who served as the Fed’s compliance and ethics officer until 2022, will help “oversee financial reporting processes and internal controls,” according to a press release from Binance US.
“The American digital asset industry is at an inflection point, and I am excited to help guide the future of one of the country’s most influential and customer-centric crypto platforms,” Grant said.
Grant’s addition “reflects the strength of our business and demonstrates our commitment to maintaining the highest standards of compliance and integrity. We look forward to benefiting from his expertise and counsel as we continue to navigate the current regulatory environment and position Binance.US for long-term growth and success,” Binance US interim CEO Norman Reed added.
Read more: Yellen: Historic Binance settlement “sends message” to crypto industry
The Securities and Exchange Commission targeted both Binance US and Binance in a lawsuit filed last June. The SEC alleges that the two — which are separate entities — offered and sold unregistered securities and also failed to register as an exchange.
Last year, the Department of Justice also announced a multi-billion dollar settlement with the crypto exchange, and former CEO Changpeng Zhao was ousted as part of the terms.
Another part of the settlement requires Binance to allow some teams from the Department of Justice to review Binance’s activities. It will also be overseen by the Financial Crimes Enforcement Network.
Binance’s Chief Compliance Officer Noah Perlman said on a panel last week that the settlement is an “opportunity” for Binance to “uplift the [compliance program],” the Wall Street Journal reported.
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Source: https://blockworks.co/news/binance-us-board-taps-ny-fed-compliance-chief