TL;DR Breakdown
- Binance appoints ex-IRS official to lead its SAR unit.
- Qaqish to lead team in charge of monitoring suspicious activity on the platform.
- Exchange continues its strategic appointment.
Number one crypto exchange by market cap, Binance has done it again. The firm has made another strategic appointment of a regulator into one of its key position to continue helping it pivot its many hurdles with regulators.
This time around, Binance hired Amjad Qaqish, a former member of the U.S. Internal Revenue Service’s (IRS) Criminal Investigation unit, as the Director of Global Suspicious Activity Report (SAR) Reporting.
The exchange announced Qaqish’s appointment in a statement on Friday noting that he has 30 years of service with the IRS, of which over 23 were spent as a Special Agent with the IRS Criminal Investigation agency.
During his time at the IRS, “he worked on crypto-related cases involving fraud, tax evasion, money laundering, and terrorism financing,” the exchange added.
Qaqish role in Binance
Upon his appointment with the exchange firm, he would head the team that monitors suspicious and unusual activity with the aim of preventing bad actors from exploiting the cryptocurrency industry. The team also aims to ensure that user accounts and funds are safe.
While reacting, Qaqish said it is important to hunt bad actors in the industry, especially with the growth in the crypto market, which he says would help the industry’s long-term success. He noted that Binance is a leader in the market and the crypto community continues to look up to the exchange firm.
After multiple crackdown, exchange looks on for solution
Following a series of crackdown in the year, Binance continues to appoint many regulators to head its firm in different countries. It has happens with Binance US, Binance Singapore, among others. They also continue to make appointments similar to that of Qaqish towards solving the problem.
Most importantly, the exchange expressed remorse about multiple crackdown and is ready to change its approach to become a centralized firm with a visible headquarters very soon.
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