Summary
TLDR: Binance.US appoints former NY Federal Reserve compliance chief to board of directors to oversee financial reporting and controls. The SEC filed a lawsuit against Binance US and Binance last June for offering unregistered securities. Binance settled with the Department of Justice and faces increased oversight. Chief Compliance Officer sees settlement as opportunity to improve compliance program.
Key Points
1. Binance.US appointed the former compliance chief of the New York Federal Reserve, Martin Grant, to its board of directors.
2. Grant will help oversee financial reporting processes and internal controls for Binance.US, reflecting the company’s commitment to compliance and integrity.
3. Binance.US has faced regulatory challenges, including a lawsuit from the SEC and a multi-billion dollar settlement with the Department of Justice, leading to changes in leadership and increased oversight of its activities.