Binance appoints new money laundering official

The US Department of Justice is considering fraud charges against Binance. At the same time, the crypto company is appointing a new money laundering official - with a history in the U.S. government.

Binance benoemt Kristen Hecht tot global deputy head of compliance en tevens tot group money laundering officer.

One goal: proactive cooperation with regulators - for example, the SEC or CFTC - and industry associations. Together, promote dialogue on effective compliance measures in the crypto industry, it says.

In addition, Hecht will work with Binance executives to further strengthen user protection and regulatory compliance. Early July some key figures turned their backs on the crypto exchange - apparently because of Binance CEO CZ.

Together with the COO, Hecht will further develop Binance's compliance program with innovative technologies. Proven principles against money laundering and terrorist financing will be maintained, the statement said.

Hecht has 17 years of industry experience. As a senior policy advisor, she worked for the U.S. government for nearly a decade. There she supported efforts to combat terrorist financing and illegal financial activities.

"Blockchain technology creates a whole new level of transparency for financial transfers," Hecht said in a statement. However, the technology also carries risks from criminals, she added.

The new appointment comes amid several lawsuits against the world's largest crypto exchange. In addition to the SEC and CFTC, Binance will now be facing charges from the U.S. Department of Justice.