Crypto exchange Binance.US announced Tuesday that it has appointed former New York Federal Reserve officer Martin Grant to its BAM Management US Holdings board of directors to help oversee financial reporting processes and internal controls of the company.
Grant is a former chief compliance and ethics officer at the New York Fed with more than three decades of regulatory, legal and compliance experience in government and the digital assets industry. Grant is currently Global Head of Regulatory Affairs at financial services company JST Digital.
“Martin is a world-class legal and ethics compliance executive with unrivaled experience establishing best practices in compliance, conduct and governance at the highest levels of government and financial services,” said Norman Reed, interim CEO of Binance.US, in a statement. “The addition of a director of Martin’s caliber to the Binance.US Board of Directors reflects the strength of our company and demonstrates our commitment to maintaining the highest standards of compliance and integrity.”
At the New York Fed, Grant worked on programs related to anti-money laundering, sanctions enforcement, risk assessment, data privacy, third-party due diligence , records management, business compliance, ethics and conduct.
“It is an honor to join the Binance.US Board of Directors and be part of an organization built from the ground up to connect Americans to the digital assets industry in a safe, responsible and compliant manner,” said Grant in the press release. “The U.S. digital assets industry is at an inflection point and I’m excited to help guide the future of one of the country’s most influential and customer-centric crypto platforms.”
A difficult year 2023 for Binance.US
Binance.US reduced its workforce following the Securities and Exchange Commission’s lawsuit against the company in June 2023. The company also saw its business decline as its customers could no longer use US dollars to purchase cryptocurrencies on the platform.
In September 2023, the company laid off a third of its remaining employees, and Binance.US Chairman and CEO Brian Shroder also left the company amid uncertainty and declining business.
It subsequently experienced a considerable decline in market depth, compromising the overall efficiency and attractiveness of the exchange and further damaging its reputation and ability to attract users as its market share declined.
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