Binance.US made an announcement on Tuesday regarding the appointment of Martin Grant, a former officer at the New York Federal Reserve, to its Board of Directors for BAM Management US Holdings. Grant’s role will involve overseeing the firm’s financial reporting processes and internal controls.
With over three decades of experience in regulatory, legal, and compliance roles, including serving as the chief compliance and ethics officer at the New York Fed, Grant brings a wealth of expertise to the table. Currently, he holds the position of Global Head of Regulatory Affairs at financial services firm JST Digital.
Norman Reed, Interim CEO of Binance.US, expressed confidence in Grant’s appointment, highlighting his track record in implementing best practices in compliance, conduct, and governance. Reed emphasized that Grant’s addition to the board underscores Binance.US’s commitment to upholding the highest standards of compliance and integrity.
During his tenure at the New York Fed, Grant was involved in various programs addressing anti-money laundering, sanctions enforcement, risk assessment, data privacy, third-party due diligence, records management, trading compliance, ethics, and conduct.
In his statement, Grant expressed his honor in joining the Binance.US board and contributing to an organization dedicated to facilitating Americans’ access to the digital asset industry in a safe, responsible, and compliant manner. He noted the pivotal moment for the American digital asset industry and expressed enthusiasm for guiding the future of one of the nation’s most influential and customer-centric crypto platforms.
The announcement comes at a challenging time for Binance.US, as it has faced setbacks, including staff reductions and business shrinkage following a Securities and Exchange Commission suit in June 2023. Moreover, limitations on using U.S. dollars to purchase crypto on the platform have further impacted its operations. In September 2023, the company underwent significant layoffs, with Brian Shroder, Binance.US president, and CEO, stepping down amidst uncertainty and declining business. As a result, the exchange experienced a notable decline in market depth, affecting its overall efficiency and attractiveness, while also impacting its reputation and user acquisition efforts.
