Binance.US Appoints Former New York Fed Chief to Board, Boosting Compliance Efforts

Binance.US, the American arm of the global cryptocurrency exchange, has appointed Martin C. Grant, a former New York Federal Reserve Bank Compliance Chief, to its Board of Directors. This move aims to enhance compliance efforts and rebuild trust among users following regulatory scrutiny and challenges.

Regulatory Pressure Mounts: Binance.US Under Scrutiny for Compliance Issues

Binance.US has faced significant regulatory scrutiny due to its association with the global Binance exchange, which settled with US authorities for a record fine in 2023. This regulatory pressure led to the resignation of Changpeng Zhao, the co-founder and former CEO of the firm. Additionally, Binance.US is under investigation by the SEC for allegedly violating local laws by listing crypto asset security tokens without proper registration.

Martin C. Grant: A Leader in Legal and Ethical Compliance

Martin C. Grant brings extensive experience in legal and ethical compliance from his tenure at governmental and financial institutions. He previously served as the Chief Compliance and Ethics Officer at the New York Fed from 2005 to 2022. Currently, Grant holds the position of Global Head of Regulatory Affairs and Integrity at JST Digital and has contributed to various financial compliance committees in the United States.

Norman Reed Praises Appointment of Martin C. Grant, Emphasizing Commitment to Compliance and Integrity at Binance.US

Norman Reed, the interim CEO of Binance.US, expressed confidence in Grant's appointment, emphasizing its significance in upholding compliance standards and integrity. Reed highlighted the strength of the business and the commitment to maintaining the highest regulatory standards.

The addition of Martin C. Grant to the Board reflects Binance.US's dedication to addressing regulatory challenges and fostering compliance initiatives. Grant's expertise is expected to play a vital role in navigating the complex regulatory landscape and rebuilding trust with users.