Cryptocurrency exchange Binance has hired former US government criminal investigator Greg Monahan to lead its anti-money laundering (AML) operations.

The news comes as the firm faces increased regulatory scrutiny worldwide; the Financial Conduct Authority (FCA) banned Binance from operating in the UK in June.

Binance said Monahan has nearly 30 years of government service experience, and that he was responsible for tax, anti-money laundering, and other related financial crime investigations.

The cryptocurrency exchange is currently facing an investigation by the US Department of Justice and Inland Revenue Service (IRS) into alleged potential illegal activity.

Karen Leong, who has led AML at Binance since 2018, is set to become a director of compliance.
Binance said it has grown its international compliance team and advisory board by 500 per cent since 2020.

Other appointments by the firm include Jonathan Farnell as director of compliance, former Financial Action Task Force (FATF) executives Rick McDonell and Josée Nadeau as compliance and regulatory advisors, and former US Senator Max Baucus as policy and government relations advisor.

“Binance has a strong culture of putting their users first, from providing market-leading products to supporting high-profile investigations that help make the crypto industry a safer place,” said Monahan. “My efforts will be focused on expanding Binance’s international anti-money laundering (AML) and investigation programs, as well as strengthening the organization’s relations with regulatory and law enforcement bodies worldwide.”

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