Binance Hired A Former Government Official

Binance hired a former government official. Cryptocurrency Exchange Binance wanted to expand its regulation department.

Described as the world's largest exchange, company has appointed Greg Monahan, a former US government official and cybercrime expert, as its global chief in charge of money laundering reporting. It was stated that Monahan's office will be in Washington, and a team will be formed under the new manager. Monahan, who previously worked at the US tax agency, the IRS (Internal Revenue Service), was in charge of leading investigations into cybercrime. Binance, which has been in trouble with the regulations recently, is currently being investigated by the IRS for illegal activities. Speaking about his new position, Monahan stated that his work will be to enable Binance to further communicate with regulatory bodies in each country. Monahan made the following statements: "My work will be to increase Binance's international anti-money laundering and investigation programs. We will also engage further with countries' regulatory and legal institutions." Binance also recruited Max Baucus, a former executive director of the Financial Action Task Force (FATF) and a former senator with state-level experience in money laundering. Binance CEO Zhao also stated that they should allocate more resources to the regulation and legal departments.