• 30 May, 2024
News

Binance.US Bolsters Board with Former New York Fed Compliance Chief

Binance.US has announced that Martin Grant, a former chief compliance and ethics officer from the Federal Reserve Bank of New York, is the latest member to onboard its board of directors. The U.S.-based exchange announced the news via an April 16 blog post, stating that Grant would bring his years of experience in “regulatory, legal, and compliance” matters as the newest board member.

Grant was the chief compliance officer for the New York Fed between 2005 and 2022. According to Norman Reed, interim CEO for Binance.US, Grant would play a key role in helping the crypto exchange navigate the “current regulatory environment” in the U.S.

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.

Reed himself was a senior enforcement attorney at the New York Fed between 1993 and 2000. He later spent six years as special counsel with the SEC, followed by eight years at the Depository Trust & Clearing Corporation.

Grant, who is also currently the Global Head of Regulatory Affairs and Integrity at financial services firm JST Digital, said in a statement:

It is an honor to join the Binance.US Board […] The American digital asset industry is at an inflection point, and I am excited to help guide the future of one of the country’s most influential and customer-centric crypto platforms.

The exchange is currently under scrutiny by the U.S. Securities and Exchange Commission (SEC) after it reportedly failed to respond to inequities about customer assets. The SEC also alleged last year that the exchange has been operating without a license. 

Changpeng Zhao, the former CEO of Binance, was also a prominent member of the board for Binance.US. His tenure on the board came to an end when he resigned from his CEO position in November 2023. 

Meanwhile, global crypto exchange Binance, a separate entity, has also announced the formation of a seven-person board. The board will be chaired by Gabriel Abed, the ambassador of Barbados to the United Arab Emirates.

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