The cryptocurrency exchange platform Binance has been having one setback after another with the world’s financial regulators. Recently, the crypto exchange had to suspend some of its services in Singapore. But with its latest recruitment, the exchange now seems to want to become a model student of regulatory compliance.
A tax tracking pro lands at Binance
Since June and a first attack from the British Financial Conduct Authority (FCA), the Binance platform has been taking blow after blow, having to regularly close some of its offers according to the regulators’ accusations.
Undoubtedly scalded by all these stories, Binance is counting on not being caught again on compliance issues in the future, if we believe the recent addition to its team of a very singular person.
The platform announced on September 30 the recruitment of Tigran Gambaryan, a former special agent of the Internal Revenue Service (IRS). The latter belonged more specifically to the criminal investigation unit of the IRS.
After a decade of tracking down criminal transactions for the IRS, Gambaryan will now serve as Vice President of General Intelligence and Binance Investigations.
For Binance, it’s compliance or nothing
At the IRS, Gambaryan has been a specialist in the thorny issues of terrorist financing, identity theft and tax evasion among others.
The man has crossed paths with the cryptosphere before, as he was involved in investigations into the former Darknet black market Silk Road, and the hacking of the now-defunct Mt. Gox platform and its bitcoin laundering via BTC-e.
“Compliance is the first line of defense (…) We will work closely with our compliance colleagues to identify criminals and bring them to justice. The constant evolution of the cryptocurrency industry requires strong cooperation between the industry, law enforcement and regulators.”
Tigran Gambaryan
The goal is to “increase confidence” in cryptocurrencies, demonstrating that Binance is effectively fighting all criminal activity.
The appointment of Tigran Gambaryan is actually not the first step that Binance is taking towards financial regulators. Two weeks ago, Changpeng “CZ” Zhao’s platform had already announced that it would finally define a headquarters for itself, after years of somewhat ghostly wandering.
