- Binance’s brand relation in the Paxos-BUSD dispute is under scrutiny.
- Noah Perlman worked for more than 3 years at the crypto exchange Gemini since 2019.
The largest cryptocurrency exchange Binance onboarded Noah Perlman, crypto exchange Gemini’s former C-suite executive, as its new Chief Compliance Officer. Evidently, Binance is reinforcing its compliance team through significant hiring to insulate itself from growing regulatory scrutiny. The news about this prominent hiring was first reported by Bloomberg on Monday, which was then confirmed on Tuesday by a spokesperson from the exchange.
Notably, Noah Perlman had been at Binace’s rival Gemini for over three years since 2019 as Chief Compliance Officer and Chief Operating Officer. Before entering the crypto sector, he served as the Global Head of Financial Crimes at Morgan Stanley and as division counsel at US Drug Enforcement Administration New York.
Binance’s “Commitment to Compliance”
The off-chain regulators are keenly screening for loopholes in the crypto sector. Binance’s involvement in the branding of Binance USD (BUSD), a stablecoin issued by Paxos, attracted the regulators’ attention and scrutiny. To demystify and clear out this fog of misconceptions, the exchange seemingly has taken up compliance team expansion as the remedy. This is supported by Binance CEO CZ’s September tweet.
To highlight, Binance established itself as the first crypto entity to join the National Cyber-Forensic and Training Alliance (NCFTA) in early 2022. The exchange exhibited its mission of combatting cybercrimes and ransomware threats. Significantly, the exchange launched Secure Asset Fund for Users (SAFU) striving to protect its users from the market’s adversities.
Furthermore, to strengthen its empire, Binance increased the pace of hiring and expanding its team. It reported a 500% growth When firms adopted layoffs amid crypto winter, Binance led its hiring campaigns to hit its 8k goal. Especially in 2021, its compliance and the advisory team grew 500%, as reported by the team. Prior to Perlman’s appointment, Binance also onboarded Steven Christie, Kraken’s former Head of Compliance, as the Senior Vice President last year.
Last year, in their official blog, Binance asserted:
“Some in the industry might argue that pushing for the need for regulation on a global scale goes against the ethos of the cryptocurrency and blockchain space — because the core of the industry lies with decentralization. However, here at Binance, we welcome the increasing involvement and actions from regulatory bodies and governments in the crypto space.”
After the FTX collapse, to combat and overcome the chaotic doom, Binance aided and released its proof-of-reserves (PoR). In addition to this, the crypto exchange aims to upgrade the PoR by incorporating zk-SNARKs.
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