Former NY Fed Officer Joins Binance.US Board Amid Regulatory Challenges
Summary:
Binance.US, a crypto exchange, has brought on board Martin Grant, a former chief ethics and compliance officer at the Federal Reserve Bank of New York. Grant will leverage his regulatory, legal, and compliance expertise to aid the exchange in its navigation of US regulatory landscape. This move follows two weeks after Binance revealed its intention to form a seven-member board. Meanwhile, former Binance US CEO Changpeng Zhao, along with Binance and Binance.US, is confronting a civil lawsuit initiated by the U.S. Securities and Exchange Commission.
Binance.US, a cryptocurrency exchange headquartered in the United States, announced that Martin Grant, a previous senior officer responsible for compliance and ethics at the Federal Reserve Bank of New York, has become one of its board members. The announcement, made in a blog post on the 16th of April, noted that Grant, who held the role at the New York Fed from 2005 to 2022, would apply his expertise in legal, regulatory and ethical matters during his tenure. Grant had been with the bank since 1990. Binance.US' Interim CEO, Norman Reed, stated that this appointment would aid the exchange in effectively dealing with the ongoing regulation landscape within the US. In addition to his new role, Grant is also the Global Head of Regulatory Affairs and Integrity at JST Digital, a financial service firm, and he believes that there's a momentous change coming for the crypto industry in the U.S.
The incorporation of a new member comes about a fortnight following Binance — a separate international exchange — revealing its plan to form a new board for the first time — a seven-member board, led by Gabriel Abed, the ambassador of Barbados to the UAE. The global exchange maintains some staff and regulatory connections in the UAE.
Changpeng Zhao, the former CEO of Binance, was the head of the Binance.US before stepping down in November 2023 in an agreement with U.S. authorities, which did not involve the U.S. crypto exchange. Having relinquished his role as Binance CEO and confessed to a felony, Zhao's sentencing is slated for April 30. Binance, Binance.US, and Zhao are currently dealing with a civil lawsuit initiated by the U.S. Securities and Exchange Commission in June 2023 over allegations of trading unregistered securities. This case is among the numerous regulatory actions that the commission has launched against crypto companies with operations in the nation, which includes heavyweights such as Coinbase and Ripple. The magazine also reports on the creation of 'SEAL 911', a team dedicated to tackling real-time crypto attacks.
Published At
4/16/2024 6:41:06 PM
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