Binance.US appoints ex-New York Fed chief as board director to boost compliance efforts Binance.US appoints ex-New York Fed chief as board director to boost compliance efforts
Binance US's market share has plummetted to under 1% following its regulatory struggles with the authorities.
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Updated: Apr. 16, 2024 at 6:51 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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 Martinโs 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.”
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Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Binance.US
Binance.US will provide secure and reliable cryptocurrency trading to users in the United States.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.