A former-FBI special agent notorious for his high-profile takedowns of Ponzi schemers and insider traders has been made head of a new investigations unit at Binance US.
United States crypto exchange Binance US has created a new “investigations unit” and tapped a former FBI special agent as its new head, with the aim of seeking out and stopping illegal activity on its platform.
The “investigations unit” is a brand new unit within the U.S. crypto exchange, the firm's head of legal Krishna Juvvadi confirmed to Cointelegraph and sees former FBI agent BJ Kang become the company’s first “head of investigations.” The role will see him partnering with law enforcement, regulators, and even other exchanges to seek out and stop illegal activity on its platform, Kang will also build an “investigations infrastructure” for Binance US., Binance US said it has strengthened its legal, compliance, and risk operations over the past year by increasing its department headcount by 145% and dedicating over one-fifth of the company’s total workforce to those functions.
Binance, which operates separately from its US arm, has also had to fight back against two Reuters exposes over the past year which accused the platform of processing at least $2.35 billion worth of transactions from hacks, investment frauds, and narcotics sales between 2017 and 2021.
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