Binance.US, a leading cryptocurrency trading platform, announced the appointment of Martin Grant to its board of directors. Grant, former chief compliance and ethics officer at the Federal Reserve Bank of New York, where he served for 17 years, is now the global head of regulatory affairs at JST Digital. His arrival on the board follows the departure of Changpeng Zhao, founder and former CEO of Binance, who stepped down as chairman amid multibillion-dollar regulatory settlements faced by the parent company with American regulators.
Martin Grant commented on his new position, stating: “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.”
Grant brings more than three decades of experience in compliance and ethics, primarily gained during his long tenure at the New York Fed. His appointment is part of Binance.US’ ongoing effort to strengthen its regulatory framework in response to legal pressures, especially amid legal battles with the US Securities and Exchange Commission (SEC). The SEC has accused several platforms, including Binance.US, Coinbase and Kraken, of operating as unregistered brokers and exchanges.
Norman Reed, CEO of Binance.US and former senior attorney at the New York Fed, commented on the situation with the SEC, stating: “My opinion is that they did not provide very clear guidance to the markets on what was, what digital assets were they titles or not.” He criticizes the basis of the Howey case, a 1946 precedent, for being applied to such different modern circumstances.
In addition to regulatory issues, the platform has seen signs of economic recovery. Chris Blodgett, COO of Binance.US, reported that despite significant hits to trading volumes following the SEC cases, “the last two quarters have seen very strong recoveries in volume, revenue and user engagement across the platform, in part due to the broader market recovery.” The company also began rehiring some of the employees who were laid off the previous year, Blodgett noted.
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Source: https://portalcripto.com.br/binance-us-contrata-ex-diretor-do-fed-de-ny-para-reforcar-conformidade-regulatoria/
