Regulatory Scrutiny Spurs Binance To Strengthen Compliance Efforts – NewsTo
Regulatory Scrutiny Spurs Binance To Strengthen Compliance Efforts

Regulatory Scrutiny Spurs Binance To Strengthen Compliance Efforts

In response to regulatory scrutiny, Binance, a leading cryptocurrency exchange, appointed Kristen Hecht to lead its Compliance and Anti-Money Laundering efforts. This comes as the exchange seeks to address regulatory issues and strengthen its compliance efforts.

On August 3, Binance announced the appointment of Kristen Hecht to the position of Deputy Chief Compliance Officer and Global Money Laundering Reporting Officer. After Binance’s legal and compliance teams left, the appointment underscores the need to effectively handle multiple investigations into the company’s practices, which Binance denies.

Kristen Hecht binance
source: Binance

As Binance’s global head of corporate compliance for eight months, Kristen Hecht brings extensive experience to her new role. A chief compliance officer at Meta’s Novi Financial and senior policy adviser at the Treasury are among her impressive credentials.

Hecht will be working on the regulatory side

In her new role, Hecht will focus on improving Binance’s compliance program and working with regulators, IGOs, and industry groups. Alongside Noah Perlman, the incoming Chief Compliance Officer, Hecht wants to improve transparency and cooperation in the fast-changing crypto industry.

Hechte emphasizes Binance’s unwavering commitment to its users and its goal to build a world-class compliance program comparable to global financial institutions to build trust and collaboration in the crypto space while ensuring regulatory compliance.

In March, the U.S. Commodity Futures Trading Commission sued Binance for offering unregistered crypto derivatives products in the US. Afterward, the SEC sued Binance for securities violations and fraud.

His appointment is seen as a critical step in strengthening Binance’s compliance controls and adherence to regulatory requirements, particularly in the U.S. Binance also wants to reinforce its position in Australia and the EU, emphasizing the need for a strong compliance leader.

Through proactive measures and the appointment of Kristen Hecht, Binance reaffirms its commitment to providing a compliant and user-focused cryptocurrency exchange amid evolving regulatory dynamics.

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