As per the latest reports, Binance has made a new announcement that would directly impact its operational capabilities. The world’s largest exchange has announced that it has recently brought a major entity onboard who is going to prove a very critical asset for the company’s future growth.
Binance has announced that it has recently managed to bring Greg Monahan onboard its cryptocurrency adventure. For those unfamiliar with Monahan, he is the former Treasury Criminal Investigator in the United States.
This means that Greg Monahan has worked in the field of regulations and law enforcement while performing his duties at the US Treasury.
Binance has announced that with his onboarding, the exchange is going to get a lot of guidance from him in the Anti-Money Laundering (AML) sector.
It has been more than a couple of months since Binance has been under a lot of regulatory pressure from regulatory authorities in different countries.
Many regulators from around the world are currently investigating Binance’s regulatory involvement and whether it is operating in their regions authorized or otherwise.
Amid all this chaos and a very dire situation for Binance, it is making all the efforts to comply with the regulations as much as possible. As a result, it has shed off many services, products, and securities that could be highlighted by the regulators and then scrutinized.
As the global regulatory requirement and highest priority is adherence with the Anti-Money Laundering (AML) policy, Binance has brought Monahan onboard to cover that corner.
Binance officials reportedly made the announcement for the onboarding of Greg Monahan on Wednesday, August 18, 2021.
Binance has also announced that at Binance, Greg Monahan will be taking the role of global money laundering reporting officer replacing Karen Leong.
Leong had been working as Binance’s global money laundering reporting officer for a while but she did not have exposure to such regulations on a government level.
According to Binance decision-makers, Greg Monahan is the right choice for this position as he has been working in the government sector for a very long time. Therefore, his expertise in the law enforcement and regulatory implementation sector would be unmatched by Karen Leong.
This is the reason Binance had to make the decision of replacing Leong with Greg Monahan. Now, Binance is trusting in the experience and capabilities of Greg Monahan to keep the exchange’s AML regulatory compliance as per government requirement standards.
According to information, Greg Monahan had experience working at the US Treasury for almost 20 years. At the US Treasury, he was part of the criminal investigation unit at the Internet Revenue Service (IRS).
Serving as a member of the particular unit, he was responsible for doing investigations on different kinds of financial matters. Some of the major financial matters Monahan was responsible for were related to money laundering and taxation.
