Nexo

Start Earning Up to 16% Interest Automatically

Learn More
Home » News » Ex-New York Fed chief joins Binance.US board

Ex-New York Fed chief joins Binance.US board

by

Former New York Fed compliance chief joins Binance.US board.

Martin C. Grant, former New York Fed compliance chief, appointed to Binance.US board of directors

Share this article

Binance.US has appointed former New York Federal Reserve Bank compliance chief Martin C. Grant to its board of directors.

Binance.US said the appointment aims to boost compliance efforts and restore user trust after facing extensive regulatory scrutiny over ties to the global Binance exchange. The platform has struggled to grow its userbase in the wake of these challenges, with market data showing that Binance.US recorded only about $22 million worth of trades during the past day, compared to the $3.4 billion recorded by competitor Coinbase.

The appointment comes as the platform faces extensive regulatory scrutiny due to its ties with the global Binance exchange, which entered into a record fine settlement with U.S. authorities in 2023. This seeks to address the regulatory challenges faced by Binance.US itself as a US entity, which is facing allegations from the SEC that the platform has violated local laws due to its listing of assets considered as securities.

“The addition of a director of Martin’s 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,” shares Norman Reed, interim CEO of Binance.US.

By bringing on Grant, Binance.US aims to strengthen its compliance measures and rebuild trust among its users. The platform hopes that Grant’s extensive experience in regulatory affairs and compliance will help navigate the complex legal landscape and ensure adherence to the highest standards of integrity.

As Binance.US continues to face regulatory scrutiny, the appointment of Martin C. Grant to its Board serves as a critical step in addressing the platform’s compliance challenges and demonstrating its commitment to operating within the bounds of the law. The crypto community will closely monitor the impact of this appointment on Binance.US’s ability to regain user trust and compete in the highly regulated US market.

Grant brings experience from roles like global head of regulatory affairs and integrity at JST Digital and chief compliance and ethics officer at the New York Fed between 2005-2022.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.