Binance.US, the American arm of leading global crypto exchange Binance, has appointed compliance veteran Lesley O’Neill as Chief Compliance Officer. O’Neill joins after serving 5 years at digital identity startup Prove, including 2 years as their CCO. She also has prior experience in traditional finance compliance roles.
As CCO, O’Neill will be tasked with strengthening Binance.US’s know-your-customer (KYC), anti-money laundering (AML), and sanctions compliance programs. This comes at a crucial time, as both Binance.US and parent company Binance face intense regulatory pressure.
In June, the SEC filed a lawsuit accusing Binance and its founder Changpeng Zhao of selling unregistered securities. The suit directly named CZ as controlling Binance.US despite claims it was independent. This ultimately led to CZ stepping down as CEO in November and paying a $50 million personal fine related to a separate AML violation. Binance the company also reached a sweeping $4.3 billion settlement with various U.S. regulatory bodies.
Beyond legal troubles, Binance.US itself has seen executive turnover recently. Former CEO Brian Shroder departed in September amidst layoffs. Interim CEO Norman Reed, a former SEC regulator, has been leading the organization since. Chief Risk Officer Sidney Majalya and Head of Legal Krishna Juvvadi also left in November.
Amidst this turbulence, analysts still expect parent company Binance to maintain dominance globally. While it saw minor outflows post-settlement, Binance’s non-U.S. retail reputation remains largely unharmed. Experts anticipate rising competition in Asia but believe Binance will continue as a major player in non-U.S. cryptocurrency markets.
O’Neill expressed excitement to join Binance.US and help earn customer and regulator trust by enhancing compliance and accountability. Her deep background in fraud, identity, and building compliant functions could be an invaluable asset.
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