Bitcoin exchange Binance is situated in the United States.A former Federal Reserve Bank of New York top compliance and ethics officer has joined US’s board of directors, the company stated.Former NY Fed chief Martin Grant will join Binance.US’s board as one of the newest members, the cryptocurrency exchange announced in a blog post on April 16th. Grant brings “regulatory, legal, and compliance” expertise to the role.Grant began working at the NY Fed in 1990 and held the position of chief compliance and ethical officer from 2005 to 2022.
Grant’s addition would enable Binance.US Interim CEO Norman Reed to “continue to navigate the current regulatory environment” in the United States.The former head of the New York Fed is currently the Global Head of Regulatory Affairs and Integrity at the financial services company JST Digital. He further stated that the U.S. cryptocurrency market was “at an inflection point.”
The switch to Binance.About two weeks had passed since the independent global exchange Binance declared it would be establishing a board of directors for the first time. For that reason, the US announced its board of directors.The ambassador of Barbados to the United Arab Emirates, where the exchange has some staff and connections to regulatory bodies, Gabriel Abed, serves as the chair of the seven-member board.
In November 2023, Changpeng Zhao, the former CEO of Binance, resigned from his position as head of the Binance.US board as part of a settlement with US authorities that excluded the US exchange.Zhao resigned from his position as CEO of Binance and entered a guilty plea to a single felony charge. On April 30, he is expected to receive his sentencing.Binance one, Binance.For allegedly marketing unregistered securities, the U.S. Securities and Exchange Commission initially launched a civil case against US and Zhao in June 2023.The regulatory body is pursuing many enforcement measures against cryptocurrency companies operating within the nation, such as Ripple and Coinbase. This particular case is one of them.