Embattled crypto platform Binance.US told CryptoSlate it appointed Martin C. Grant, a former New York Federal Reserve Bank Compliance Chief, to its Board to improve compliance efforts and restore users’ trust in its services.

The crypto trading platform has faced extensive regulatory scrutiny due to its ties with the global Binance exchange, which entered into a record fine settlement with the US authorities in 2023. The regulatory upheaval forced Changpeng Zhao, the co-founder and former CEO of the firm, to step down from his role.

Binance US is also in trouble with the SEC, alleging that it violated local laws by listing crypto asset security tokens on its platform and operating as an unregistered national securities exchange.

Since then, the exchange has struggled to grow its userbase, seeing only about $22 million worth of trades during the past day compared to the $3.4 billion recorded by Coinbase, according to CoinMarketCap data.

How Grant appointment helps Binance US

Grant brings a robust legal and ethical compliance background cultivated through extensive tenure in governmental and financial firms.

He is currently the Global Head of Regulatory Affairs and Integrity at JST Digital and was previously the New York Fed’s Chief Compliance and Ethics Officer between 2005 and 2022,

Grant’s experience also extends to various financial compliance committees within the United States, including the New York City Bar Association compliance committee.

Binance US interim CEO Norman Reed said:

“The addition of a director of Martin’s caliber to the Binance.US Board reflects the strength of our business and demonstrates our commitment to maintaining the highest standards of compliance and integrity.”

The post Binance.US appoints ex-New York Fed chief as board director to boost compliance efforts appeared first on CryptoSlate.

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Filed under: Bitcoin - @ April 16, 2024 6:15 pm