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Last updated: April 16, 2024 17:27 EDT | 2 min read

Grant Martin, the former Chief Compliance and Ethics Officer at the Federal Reserve Bank of New York, is joining the board of Binance.US, the crypto exchange announced in a Tuesday blog post.

According to the companys announcement, Martin worked at the Fed for over 30 years, serving in his aforementioned role from 2005 to 2022.

Most recently, Martin was the Global Head of Regulatory Affairs & Integrity at crypto-asset firm JST Digital.

The addition of a director of Martins caliber to the Binance.US Board reflects the strength of our business and demonstrates our commitment to maintaining the highest standards of compliance and integrity, said Binance.US Interim CEO Norman Reed. We look forward to benefiting from his expertise and counsel as we continue to navigate the current regulatory environment and position Binance.US for long-term growth and success.

The latest addition to the Binance.US board comes just months after the worldwide digital asset exchange found itself in hot water with U.S. regulators.

In November 2023, former global Binance CEO Changpeng Zhao was charged with failing to instill an anti-money laundering program up to par with the Bank Secrecy Act, and subsequently agreed to step down from his role at the crypto exchange.

As part of an agreement with federal authorities, Binance and CZ were also ordered to pay $4.3 billion in restitution to cover civil regulatory actions.

The hiring of Martin would seemingly help Binance circumvent further regulatory issues, particularly given the former Fed officials track record with implementing anti-money laundering programs.

It is an honor to join the Binance.US Board and be part of an organization built from the ground up to connect Americans to the digital asset industry in a safe, responsible, and compliant manner, said Martin. The American digital asset industry is at an inflection point, and I am excited to help guide the future of one of the countrys most influential and customer-centric crypto platforms.

Zhao is currently facing a maximum penalty of ten years in U.S. prison, however, his actual sentence will largely depend on sentencing guidelines and the courts discretion. His sentencing is currently scheduled for April 30th.

Martins appointment to Binance.US could signal an internal shift towards regulatory compliance for the global crypto exchange as they seek to recover public trust following the legal scandal.

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Binance.US Appoints NY Fed Chief Grant Martin To Board - Cryptonews