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Binance Onboards Former IRS Expert to Lead the Money Laundering Reporting

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Binance, the world’s leading crypto exchange has been in regulatory hot waters for quite some time now. The crypto exchange had promised to mend its ways and coordinate with regulators around the world to ensure compliance. It has taken several steps since then by lowering the high trading leverage limits, it closed down its derivatives offering in Hong Kong and across Europe.

The exchange has now onboarded Greg Monahan, a former US government criminal investigator who worked with the Internal Revenue Service (IRS) to lead the global money-laundering reporting efforts for the crypto exchange.

My efforts will be focused on expanding Binance’s international anti-money laundering and investigation programs, as well as strengthening the organization’s relations with regulatory and law enforcement bodies worldwide,” said Monahan

This won’t be the first former US official joining Binance to help it clear regulatory hurdles especially in the US. The crypto exchange despite its size and popularity outside the US has failed to make a similar impact in the States but continuously working towards changing that.

This story is being updated

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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