Binance.US has appointed Martin Grant, a former Federal Reserve Bank of New York executive and one-time Head of Compliance and Ethics, to its board of directors.
The exchange announced the development in a blog post published today, April 16, 2024.
For over thirty years, Martin Grant has handled legal and compliance-centric positions with United States government entities, as Binance mentioned in the press release. The exchange also noted that a vast majority of his experience came from his time at the New York Federal Reserve Bank.
Grant reportedly expressed his excitement about joining the global crypto exchange, buttressing that the American crypto industry is currently in a critical phase. In his words:
“The American digital asset industry is at an inflection point, and I am excited to help guide the future of one of the country’s most influential and customer-centric crypto platforms.”
While this new addition appears to be a massive plus for both Binance and Grant, Binance is currently in court engaged in multiple lawsuits with the US authorities, particularly the U.S. Securities and Exchange Commission.
Grant is currently the global lead of regulatory affairs at JST Digital and is taking this new role a few months after Changpeng Zhao (CZ), Binance’s founder and former CEO, resigned from the position. Zhao’s resignation came after the exchange’s multibillion-dollar settlement with several United States regulatory watchdogs over claims of money laundering and sanctions defaulting. It is believed that Grant’s presence and contribution to the Binance.US board of directors will give the exchange an edge in its legal woes in the country.
This development follows the exchange’s parent company’s recent move to establish a Board of Directors as it transitions to a more traditional operating model. Binance noted that establishing a formal board structure will help it enhance accountability and regulatory compliance, thus bolstering trust among its user base and regulatory authorities.
Besides the United States, Binance is also facing regulatory challenges with several other nations. Recently, the Nigerian government sued the global exchange on a four-count charge which includes tax evasion.
ALSO READ: Binance to Nigerian Government: Detained Executive Has No Decision-Making Authority in the Company
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