With the appointment of Martin Grant to the board, Binance US increases compliance in the midst of regulatory scrutiny in the cryptocurrency industry.
STORY ENTITLEMENTS
Former New York Fed chief compliance officer Martin Grant is appointed to the Binance US board.
Grant is anticipated to enhance Binance US’s adherence to U.S. regulations through his specialized knowledge.
The expansion of the board of directors at Binance US is consistent with the company’s strategy to strengthen governance.
Binance US, a prominent cryptocurrency platform operating within the United States, has recently augmented its board with an additional distinguished director. The board of the New York Federal Reserve Bank is pleased to welcome Martin Grant, a former chief compliance and ethics officer with extensive experience in the legal, regulatory, and compliance sectors. He was an employee of the New York Fed from 1990 until 2022, subsequent to his enlistment in 1990.
The appointment of Martin Grant is considered a strategic manoeuvre by Binance, US. According to the exchange, his area of expertise will be crucial in comprehending the increasingly intricate regulatory landscape in the United States. This board enhancement is consistent with the organization’s overarching goal of fortifying its compliance infrastructure, given the heightened regulatory scrutiny that the sector is currently undergoing.
Binance US Appoints a Former Federal Officer to Board
The incorporation of Martin Grant onto the board is crucial for Binance US. According to Norman Reed, Interim CEO of Binance US, the exchange is undergoing a comprehensive evaluation of its compliance strategy with U.S. regulations, and Grant’s appointment is crucial to that process. Reed emphasized the significance of Grant’s contribution, particularly during a pivotal juncture in regulation within the cryptocurrency sector of the United States.
The board expansion coincides with additional recent occurrences at Binance, the international counterpart of Binance US. In recent times, Binance unveiled its inaugural formal board, led by Gabriel Abed. This development serves as further evidence of the Bitcoin industry’s growing inclination towards enhanced governance.
Among the crypto titans targeted by the SEC is Binance.
In addition to a number of regulatory and legal obstacles, Binance and Binance US are confronted with these appointments. The U.S. Securities and Exchange Commission (SEC) accused both entities of offering unregistered securities in June 2023, when it filed a civil lawsuit against them. The SEC has initiated several enforcement actions against prominent entities in the cryptocurrency sector, including Coinbase and Ripple.
Changpeng Zhao, the former CEO of Binance US, voluntarily resigned from his role in November 2023 subsequent to reaching a plea agreement with the authorities in the United States. Zhao has entered a guilty plea to a charge of felony, with his scheduled sentencing occurring in late April. The lawsuit and his subsequent resignation serve as evidence of the growing influence that U.S. regulatory bodies have over domestic cryptocurrency exchanges.
