Binance cryptocurrency exchange has announced it will hire two IRS specialty agents to step up its compliance efforts while tackling complex regulatory issues in an evolving industry.
Last Thursday, September 30th, Binance announced that it had named former IRS special agent Tigran Gambaryan as vice president for global intelligence and investigation.
In addition, Binance also announced that it has appointed another IRS special agent, Matthew Price, as Senior Director of Investigations.
The Russian-born Gambaryan spent more than ten years with the Internal Revenue Service – a division that investigates cybercrime. He began his IRS career with the Oakland Expert, a well-known blockchain expert in crypto law enforcement circles. Gambaryan’s greatest career achievements have included directing several successful multi-billion dollar cyber investigations, including those into the infamous Silk Road drug market and the Mt. Gox hack.
Price also has extensive experience in the crypto industry as he led the IRS investigations into bitcoin mixing service Helix, whose founder and CEO – Larry Dean Harmon – recently pleaded guilty to money laundering charges.
The hiring of the two agents of the IRS and celebrities who helped carry out sophisticated law enforcement operations will likely help Binance uncover illegal activity on their platform – an activity that critics said the exchange turned a blind eye to until recently .
The two new officials will help Binance improve its compliance as part of a broader push to reform the company’s reputation as recent regulatory violations have put the company in the spotlight from regulators around the world.
Binance’s audit and investigation team will focus on external and internal investigations to prevent threats and financial loss while working with law enforcement and regulators around the world, the company said.
Invest in compliance roles
Currently, Binance is in the hiring frenzy to add compliance teams as the company faces government controls over tax evasion and money laundering.
Last month, Changpeng Zhao, the CEO of Binance Exchange, announced that his top priority is to hire people with compliance and regulatory experience.
Regulators around the world have taken a more complex look at the free-running cryptocurrency industry, which boomed as Bitcoin’s prices soared to record highs this year.
Regulators were concerned that criminals Cryptocurrency exchanges to hide transactions related to everything from ransomware attacks, drug tracking, fraud to money laundering.
In May, the US Department of Justice opened an investigation into Binance’s operations. US officials raised concerns that crypto assets are being used to disguise illegal transactions, including drug deals and theft.
Several nations recently announced investigations demanding that Binance subsidiaries cease operations within their jurisdictions.
In early July, Binance’s CEO admitted that the crypto exchange hasn’t done everything right in the past, stating that following a move by regulators around the world, the company has plenty of room for growth.
One of the most important things Binance has taken recently is investing in their compliance roles.
Image source: Shutterstock