Europol agent Nils Andersen-Röed has joined Binance as a member of the exchange’s audit and investigations team, according to the exchange.
Binance has announced the hiring of Nils Andersen-Röed, a Dark Web specialist who previously worked for Europol.
In a prepared statement, Binance said that Nils’ appointment “Nils’ appointment strengthens an already strong team of security specialists working hard to make sure Binance remains the most secure crypto ecosystem around,”
In a statement, Andersen-Röed said, “After many years working in law enforcement I am excited to tackle new challenges in the Binance audit and investigations team,”
“Over the years I have learned that simply arresting criminals isn’t enough to combat crime, you also need to take a broader look at the whole ecosystem in which they are operating.”
Andersen-responsibilities Röed’s will include identifying and preventing bad actors from operating on the exchange’s platforms, protecting user funds, and assisting law enforcement agencies in their investigations.
In joining , Andersen-Röed will be joining a cryptocurrency firm that is entangled in a wide range of regulatory disputes around the world, and his appointment is the latest in a series of steps the company has taken to strengthen its compliance efforts.
Throughout the year 2021, the world’s largest cryptocurrency exchange has drawn the ire of financial services regulators from around the world.
Several consumer warnings have been made against the cryptocurrency exchange since June, including ones from the Dutch Central Bank and the Japan Financial Services Agency.
In their respective countries, the Cayman Islands Monetary Authority and Italy’s Consob stated that Binance did not have a license to operate in their respective countries. A civil enforcement action was filed against the exchange by the Malaysian Securities Commission because it was functioning illegally in the country’s securities market.
A criminal complaint against Binance was submitted by the Thai Securities and Exchange Commission on the same day as the Cayman Islands’ announcement. The Thai Securities and Exchange Commission claimed that Binance was doing digital asset operations without a license.
The Financial Conduct Authority (FCA) in the United Kingdom has taken a tough stance against Binance Markets Limited, a Binance firm that was bought in order to control and run a cryptocurrency exchange in the United Kingdom.
The FCA issued a consumer warning in June and informed Decrypt that it had a “major concern” with the exchange’s absence of a headquarters. The FCA recently increased its pressure on BML, alleging that the exchange was “not capable” of being regulated.
Changpeng Zhao, the company’s CEO, has recently experienced difficulties dealing with regulators (CZ).
In Singapore, where CZ resides, the Monetary Authority of Singapore has stated that Binance has not yet been granted a license, and that, while an application is currently being processed, comparable firms have had their applications refused in the past.
Singapore likewise placed Binance.com to its Investor Alert List earlier this month, underlining that the cryptocurrency exchange was not licensed in the country.
The exchange has responded to these regulatory concerns by appointing and announcing high-profile compliance officers.
Earlier this month, announced the appointment of Jonathan Farnell, formerly of eToro, as the exchange’s new director of compliance. Binance introduced a know your customer (KYC) verification process earlier this month, requiring all customers to complete it before utilizing the exchange’s services.
While Andersen-hiring Röed’s is the latest in a series of steps taken to strengthen the exchange’s compliance system, the most significant development occurred yesterday, when CEO Changpeng Zhao acknowledged the necessity for a centralized headquarters for the exchange.
“We have come to realize that we need a centralized entity to work well with regulators,” CZ stated.
Previously, CZ had argued that Binance was decentralized and that everyone’s notion of a company’s headquarters was different. The revelation constituted a dramatic shift in CZ’s perspective.
