Binance, one of the world’s leading cryptocurrency exchanges, has remained amid a tight regulatory situation.

Binance’s management is on the move, promising to reform its ways of working and coordinating with regulators around the world to ensure compliance.

It has taken several steps since then by lowering its high leverage limits, and closing derivative offerings in Hong Kong and in several European countries.

Binance has now hired Greg Monahan, a former US government criminal investigator who worked with the Internal Revenue Service (IRS) to lead a global money laundering reporting effort for cryptocurrency exchanges.

stated Monahan:

My efforts will focus on expanding Binance’s international anti-money laundering and investigation programs, as well as strengthening the company’s relationships with regulators and law enforcement around the world.

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This would not be the first former US official to join Binance to help it remove regulatory hurdles, especially in the USA.

Binance, despite its large size and popularity outside the US, has failed to make a similar impact in the US but is constantly changing its position there.

Regulatory cases against Binance have been mounting since the past two months, with nearly a dozen countries issuing non-compliance warnings from Binance.

Binance’s operations were considered illegal in those countries.

Will Binance be able to take its share in the US market?

Cryptocurrency exchange Binance has hired a large number of former government executives with regulatory precedents.

It has previously hired two former executives from the Financial Action Task Force (FATF) and former Democratic Senator Max Baucus.

But over time, Brian Brooks, CEO of Binance.US, an independent sister company to Binance, resigned after just three months in charge.

He cited strategic differences as the reason behind the move.

Brooks previously worked on behalf of the Office of the Comptroller of the Currency (OCC) during the Trump administration, and his appointment was seen as a major step by Binance toward compliance.

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And so his passing came as a surprise to many.

Binance’s regulatory problem takes a critical turn especially when its US rivals such as Coinbase and FTX are making headway while they are forced to grow there slowly.

Even Changpeng Zhao, the CEO of Binance, said earlier that he was willing to step down from his position to someone else who could lead Binance out of regulatory constraints.

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