Cryptocurrency exchange Binance.US has announced the appointment of Martin Grant, former Chief Compliance and Ethics Officer at the Federal Reserve Bank of New York. He will join the board of directors of BAM Management US Holdings, Inc.
The move is part of the company's strategic efforts to comply with stringent regulatory requirements in the United States.
"Martin is a world-class legal and ethics compliance executive with an unparalleled track record of implementing compliance, conduct, and governance best practices at the highest levels of government and financial services. The addition of a director of Martin's caliber to the Binance.US Board of Directors reflects the strength of our business and demonstrates our commitment to maintaining the highest standards of compliance and integrity," said Norman Reed, Interim CEO of Binance.US.
Grant has over thirty years of regulatory, legal, and compliance experience in government and the digital asset industry. In his role, he will be responsible for driving Binance.US's compliance efforts and helping to oversee its financial reporting processes, the exchange said in a blog post.
Grant's appointment to Binance.US board comes just months after the platform came under regulatory scrutiny for its ties to global exchange Binance, which reached a $4.3 billion settlement with US authorities after pleading guilty to regulatory violations.
Mr. Grant began his career in 1989 as a US District Court law clerk. From 1990 to 2022, he worked at the Federal Reserve Bank of New York, where he rose to the position of Chief Compliance and Ethics Officer. Grant currently serves as Global Head of Regulatory Affairs and Integrity at JST Digital.
"I am honored to join the Binance.US Board of Directors and be part of an organization built from the ground up to ensure Americans have safe, responsible, and compliant interactions with the digital asset industry," said Grant.
"The US digital asset industry is at an inflection point, and I'm excited to help shape the future of one of the most influential and customer-centric crypto platforms in the country," he added.
Grant holds a B.A. in Political Science from Princeton University and a J.D. from Harvard Law School. He is also the chairman of the Conference Board's Global Business Conduct Council and a member of the New York City Bar Association's Compliance Committee.
Many in the crypto industry believe that his experience with the complex regulatory environment will help Binance.US strengthen its practice and prevent potential legal mistakes in the future, as well as regain user trust and expand its client base.
Binance.US currently has a trading volume of less than $22 million per day. By comparison, this figure was $230 million in 2022.
It's worth noting that the board expansion comes shortly after Binance, the global arm of Binance.US, unveiled its first official board.
The new Binance board will be chaired by Gabriel Abed, who previously served as Barbados' ambassador to the United Arab Emirates. Other board members include Binance CEO Richard Teng; senior executives Heina Chen, Jinkai He, and Lilai Wang; Arnaud Ventura, Managing Partner of investment firm Gojo & Co.; and Xin Wang, CEO of Bayview Acquisition Corp.
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