Key takeaways:
- The board of directors of US-based cryptocurrency exchange Binance US has welcomed a former Federal Reserve Bank of New York top compliance and ethics officer.
- About two weeks after the independent global exchange Binance said it will be forming a board for the first time, the Binance US board of directors was reorganised.
The board of directors of US-based cryptocurrency exchange Binance US has welcomed a former Federal Reserve Bank of New York top compliance and ethics officer.
Former NY Fed president Martin Grant will join Binance US’s board as one of its newest members, the cryptocurrency exchange announced in a blog post on April 16. Grant brings “regulatory, legal, and compliance” experience to the role. Having joined the bank in 1990, Grant served as the NY Fed’s chief compliance and ethical officer from 2005 to 2022.
Grant’s addition will enable Binance US Interim CEO Norman Reed to “continue to navigate the current regulatory environment” in the US. 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 also stated that the US cryptocurrency market was at a “tipping point.”
About two weeks after the independent global exchange Binance said it will be forming a board for the first time, the Binance US board of directors was reorganised. Gabriel Abed, Barbados’ ambassador to the United Arab Emirates, where the exchange has staff and connections to regulatory bodies, serves as the chair of the seven-member board.
Changpeng Zhao (CZ), the former CEO of Binance, presided over the US board of Binance prior to his resignation in November 2023 as a part of a settlement with US authorities that excluded the US exchange.
Zhao resigned as CEO of Binance and entered a guilty plea to a single felony charge. On April 30, he is expected to be sentenced for this offense.
The US Securities and Exchange Commission (SEC) initially filed a civil lawsuit against Binance, Binance US, and Zhao in June 2023 for allegedly providing unregistered securities. The lawsuit is still pending. The regulator is pursuing many enforcement measures against cryptocurrency companies operating in the nation, such as Coinbase and Ripple, and this case is only one of them.
