The controversial crypto platform Binance.US said this CryptoSlate it appointed Martin C. Grant, a former compliance chief of the New York Federal Reserve Bank, to its board of directors to improve compliance efforts and restore users’ confidence in its services.
The crypto trading platform has faced extensive regulatory scrutiny over its ties to the global Binance exchange, which reached a record fine settlement with US authorities in 2023. The regulatory turmoil forced Changpeng Zhao, the company’s co-founder and former CEO, to step down from his position.
Binance US is also in trouble with the SEC, claiming 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 user base, with only about $22 million in transactions taking place in the past day, compared to the $3.4 billion recorded by Coinbase, according to CoinMarketCap. facts.
How a Grant Agreement Helps Binance US
Grant has a robust legal and ethical background in compliance, cultivated through extensive stints in government and financial companies.
He is currently Global Head of Regulatory Affairs and Integrity at JST Digital and served as Chief Compliance and Ethics Officer of the New York Fed from 2005 to 2022.
Grant’s experience also extends to several financial compliance committees across the United States, including the New York City Bar Association Compliance Committee.
Binance US interim CEO Norman Reed said:
“The addition of an executive of Martin’s caliber to the Binance.US board reflects the strength of our company and demonstrates our commitment to maintaining the highest standards of compliance and integrity.”
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