Binance US Hires Former FBI Agent as Head of Investigation Unit

Binance US Hires Former FBI Agent as Head of Investigation Unit

Over the past year, Binance US expanded its legal and compliance team by 145%.

Binance US, an American subsidiary of the largest crypto exchange in terms of daily trading volumes, has opened a new “investigation unit,” appointing a former Federal Bureau of Investigations (FBI) agent as its head.

According to the blog post shared by Binance US, former FBI agent, BJ Kang, will work exclusively on protecting Binance US customers in compliance with law enforcement, local regulations, and other crypto companies.

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The new investigation unit will work on identifying and reducing criminal activity connected to digital assets and prevent money laundering on Binance US

When talking about the investigation unit and BJ Kang, Binance US President and CEO Brian Shroder noted:

Binance US operates with a compliance-first mindset, and over the past year, we have made significant investments in our legal, regulatory, and compliance operations. will be instrumental in strengthening our partnerships with law enforcement agencies and ensuring Binance US continues to be a leader in developing a safe, secure digital asset marketplace for all Americans.

Over the past year, Binance US has been strengthening its legal and compliance team. According to the data shared by The Wall Street Journal (WSJ), the company has increased the number of workers in the department by 145%, with more than 20% of staff working on legal, compliance, and risk operations.

BJ Kang has quite a reputation for his work in the FBI. At one point, Reuters called the former agent “the most feared man on Wall Street” after BJ Kang was photographed arresting the mind behind the largest Ponzi scheme to date, Bernie Madoff. 

Before being appointed by Binance US, BJ Kang spent seven years working in the FBI Washington Field Office (WFO) cybercrime squad. The man was working on “complex international insider trading schemes, cyber-enabled money laundering, cyber extortion and hackers targeting crypto and financial firms.”

BJ Kang highlighted that close coordination between the crypto industry and law enforcement is exceptionally important in punishing malicious actors. The newly appointed head of the investigation unit at Binance US noted:

Binance.US is already a leader in working with law enforcement to establish a secure digital asset marketplace, and I look forward to using my experience to take those partnerships to the next level.

In other news, Binance mining subsidiary Binance Pool launched a $500 million lending project to support Bitcoin (BTC) mining.

Gile K. - Crypto Analyst

by Gile K. - Crypto Analyst, BitDegree