Binance new manager for money laundering

Binance, the world's largest cryptocurrency exchange, announced Wednesday that it has appointed a former US Treasury Department criminal investigator. 

Responsible for "money laundering" as part of its efforts to redefine itself as a regulated financial entity.

Governments and regulators have turned their attention to the cryptocurrency market, often setting rules for exchanges such as Binance, which have thrived in a largely unregulated environment.

In recent months, Britain and Hong Kong have said Binance units are not authorized to conduct regulated operations, and Malaysia's financial regulator reprimanded the exchange for operating illegally. In addition, Bloomberg reported earlier this year that the US Department of Justice and the US Internal Revenue Service were investigating the Binance Holdings Ltd exchange over whether US citizens had used the business for illegal transactions.

"My efforts will focus on expanding Binance's international anti-money laundering programs, as well as strengthening the exchange's relationship with regulators and regulators around the world," Greg Monahan said in a statement. , the new member in the exchange potential.

Binance CEO Changpeng Zhao said he wanted to improve relations with regulators last month. 

Binance's announcement said it had increased its international compliance team and advisory staff by 500% by 2020.