Cryptocurrency exchange Binance.US on Tuesday appointed former New York Federal Reserve executive Martin Grant to the board of BAM Management US Holdings to oversee the company’s financial reporting process. It was announced that internal control would be supervised.
Grant is the former Chief Compliance and Ethics Officer at the New York Federal Reserve and has over 30 years of regulatory, legal and compliance experience in the government and digital asset industries. Grant currently serves as Head of Global Regulatory Affairs at JST Digital, a financial services company.
“Martin is a world-class legal and ethics regulator with unparalleled experience establishing best practices in compliance, conduct and governance at the highest levels of government and financial services,” Norman Reed, Interim CEO of Binance.US, said in a statement. “I’m a compliance officer,” he said. “The addition of Martin’s distinguished director to the Binance.US board reflects the strength of our business and demonstrates our commitment to maintaining the highest standards of compliance and integrity.”
At the New York Federal Reserve, Grant participated in programs related to anti-money laundering, sanctions enforcement, risk assessment, data privacy, third-party due diligence, records management, exchange compliance, and ethics and conduct.
“I am honored to join the Binance.US Board of Directors and become part of an organization built from the ground up to connect Americans to the digital asset industry in a secure, responsible and compliant manner,” Grant said in a statement. . “The U.S. digital asset industry is at an inflection point, and I’m excited to help guide the future of one of the most influential and customer-centric cryptocurrency platforms in the country.”
2023 will be tough for Binance.US
Binance.US has reduced its headcount after the Securities and Exchange Commission filed a lawsuit against the company in June 2023. The company also scaled back its business as customers could no longer use U.S. dollars to purchase cryptocurrencies on the platform.
In September 2023, the company laid off a third of its remaining employees, and Binance.US President and CEO Brian Shroder also left the company due to uncertainty and declining business.
Market depth has since decreased dramatically, damaging the exchange’s overall efficiency and attractiveness, and its shrinking market share has further damaged its reputation and ability to attract users.
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