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Crypto News

Binance Hires New Compliance Officer as Regulations Increase

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

binance

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Kristen Hecht’s new role comes as Binance is under investigation by U.S. and international law authorities and may face fraud charges.

Binance named Kristen Hecht deputy chief compliance and global money laundering reporting officer. Hecht was Novi Financial’s top compliance officer before becoming the exchange’s worldwide head of corporate compliance.

As the exchange faces potential fraud charges from U.S. regulators, Binance named Kristen Hecht its new deputy chief compliance and global money laundering reporting officer on Thursday. Binance says that repeated probes into its activities have caused several top legal and compliance professionals to leave the exchange in recent weeks.

Hecht was Binance’s global head of corporate compliance for eight months after serving as Novi Financial’s chief compliance officer for less than two years. Hecht was a senior Treasury policy advisor.

According to a press release, Hecht will focus on the company’s compliance program and interact with regulators, international organizations, and industry groups in her new job. She will collaborate with Noah Perlman, who replaced Hecht as Chief Compliance Officer.

Binance is leading U.S. legislators’ crypto actor crackdown. The CFTC sued Binance and Zhao in March for selling unregistered crypto futures in the U.S.

Later in June, the SEC sued the exchange for breaching federal securities laws.

On Wednesday, the U.S. Department of Justice considered fraud charges against Binance but could settle for fines and postponed or non-prosecution to avoid harming the crypto industry and causing a bank run.