Binance is a large crypto exchange that has made its name in the industry. It is so far, the most popular crypto exchange in many parts of the world. In the US, Binance has a special extension, dubbed Binance.US.
The exchange has been at the forefront of helping law enforcement tackle crypto-related crimes like fraud and money laundering. The crypto exchange is taking its efforts a notch higher by hiring a fitting expert to head its new investigations team. It has sought the services of BJ Kang, a retired FBI agent with experience in cybercrime and trading-related vices.
Binance.US To Build Own Investigations Infrastructure
Binance.US plans to build its own in-house crypto investigations team headed by Kang. The investigations team will identify and respond to crypto crimes on the exchange. These efforts will primarily be focused on Binance.US, the US branch of the Binance exchange.
Is He The Man For The Job?
BJ Kang has had a 20-year career in the FBI, smoking out criminals. Before he retired from the FBI, he worked with the cybercrime unit at the agency’s Washington Field Office. He led investigations into some high-profile money laundering and insider trading cases on Wall Street. He also tackled hackers and cyber extortionists. As such, he appears to be a specialist fit for the job at Binance.US.
In a statement, Kang said,
“Close coordination between the crypto industry and relevant law enforcement agencies to identify and punish bad actors is required to increase trust and enable the crypto ecosystem to continue to grow.”
Binance.US Has Almost Tripled Its Core Team And Budget
The last year has seen Binance.US increase its compliance, legal, and risk operations teams by around $145% and triple their budgetary allocations. Currently, around 20% of the exchange’s workforce work in these teams.
Brian Shroder is the Chief Executive of Binance.US and has been the force behind recent developments.
During a recent interview, he said,
“As we continue to expand and grow, we wanted to put more resources into keeping the platform safe. “We wanted to put our best foot forward in terms of helping to police not only our platform but kind of the broader crypto ecosystem.”