On Thursday, the world’s largest crypto exchange Binance announced Kristen Hecht as the firm’s Deputy Chief Compliance Officer. She is also expected to serve as a Money Laundering Reporting Officer. Hecht has been working at Binance as the Head of Corporate Compliance since joining the exchange at the start of the year.
Kristen Hecht’ Brief Professional Background
She boasts seventeen years of experience in the compliance sector. Before joining Binance, Hecht served as Chief Compliance Officer at Novi Financial, a crypto wallet project funded by Meta. She also worked as a Policy Advisor at the United States Department of Treasury and as the Director of Financial Crime Compliance at HSBC China.
Binance’s Chief Compliance Officer Noah Perlman says Hecht’s seasoned background shows that she knows the importance of cooperating with international organizations and governments as they help to fight financial crimes. He adds that, as a Policy Advisor, she supported the government’s objective to curb illegal financial activities.
Meanwhile, Hecht says she will take advantage of her professional background to develop compliance controls that can help Binance block bad actors. She will be working with Perlman to create the company’s compliance program.
Further, as a Money Laundering Reporting Officer, Hecht aims to foster healthy partnerships with business partners, regulators, and industry bodies, to detect and curb financial crime.
Binance’s Regulatory Issues
Binance has faced regulatory pressure in recent months from regulators across the world. In the United States, the trading platform and its boss Changpeng Zhap were hit with 12 charges by the US Securities and Exchange Commission in June. Among the charges that the agency brought against Binance include: the company’s failure to block American crypto traders from using Binance.com, commingling of users’ funds, and the failure to register Binance as a clearing agency, broker, and exchange.
Also, the Commodity Futures Trading Commission accused Binance of offering unlicensed derivatives services in the United States. Binance, however, has denied all the charges.
In France, the largest crypto exchange is being accused of facilitating money laundering. It is currently under investigation. Meanwhile, German and Dutch regulators have denied Binance a license to operate in their respective countries.
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