Former NY Fed chief joins Binance.US board

A top compliance and ethics officer from the Federal Reserve Bank of New York based in the US has been appointed to Binance.US’s board of directors.

In a blog post dated April 16, Binance.US announced that Martin Grant, who previously served as the regulatory, legal, and compliance chief at the New York Federal Reserve from 2005 to 2022, will be joining their crypto exchange as a new board member. Grant began working for the New York Fed in 1990.

In simple terms, Norman Reed, the interim CEO of Binance.US, believes bringing on Grant will aid the exchange in managing the ongoing regulatory challenges in the United States. Grant, a former NY Fed chief and current Global Head of Regulatory Affairs and Integrity at JST Digital, emphasizes that the crypto sector in the U.S. is experiencing a significant turning point.

Former NY Fed chief joins Binance.US board

Approximately two weeks ago, Binance.US underwent a change in its board of directors. This development followed Binance, the global version of the exchange which is a distinct entity, announcing its decision to establish a board for the first time. Comprising seven members, this new board is headed by Gabriel Abed, who serves as the Barbados ambassador to the UAE and represents Binance’s staff and connections to regulatory bodies in that region.

Previously, Changpeng Zhao led the Binance.US board prior to his resignation in November 2023, following an arrangement with US regulators. This settlement did not involve Binance.US. Subsequently, Zhao relinquished his role as CEO of Binance and admitted guilt to a single felony charge, facing sentencing on April 30, 2024.

In June 2023, the US Securities and Exchange Commission (SEC) filed a civil lawsuit against Binance, Binance.US, and Zhao Changpeng, alleging that they offered unregistered securities. This legal action is among several enforcement cases the SEC is taking against cryptocurrency companies based in the US, such as Coinbase and Ripple.

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2024-04-16 18:53