Embattled crypto platform Binance.US told CryptoSlate it appointed Martin C. Grant, a former New York Federal Reserve Bank Compliance Chief, to its Board to improve compliance efforts and restore users’ trust in its services.
The crypto trading platform has faced extensive regulatory scrutiny due to its ties with the global Binance exchange, which entered into a record fine settlement with the US authorities in 2023. The regulatory upheaval forced Changpeng Zhao, the co-founder and former CEO of the firm, to step down from his role.
Binance US is also in trouble with the SEC, alleging that it violated local laws by listing crypto asset security tokens on its platform and operating as an unregistered national securities exchange.
Since then, the exchange has struggled to grow its userbase, seeing only about $22 million worth of trades during the past day compared to the $3.4 billion recorded by Coinbase, according to CoinMarketCap data.
How Grant appointment helps Binance US
Grant bri
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