Ex-NY Federal Reserve Officer Adds Expertise To Binance.US Board

• Martin Grant has been appointed to the Board of Directors for BAM Management US Holdings, Inc. by Binance.US.
• Formerly the Chief Compliance & Ethics Officer at the Federal Reserve Bank of New York, Grant presently holds the position of Global Head of Regulatory Affairs at JST Digital.

On Tuesday, Binance.US revealed the appointment of Martin Grant, a former officer of the New York Federal Reserve, to its Board of Directors for BAM Management US Holdings. Grant’s role involves supervising the company’s financial reporting processes and internal controls.

With over three decades of regulatory, legal, and compliance experience in government and the digital assets industry, Martin Grant, previously the chief compliance and ethics officer at the New York Fed, now holds the position of Global Head of Regulatory Affairs at financial services firm JST Digital.

“Martin is a world-class legal and ethical compliance executive with unparalleled experience instituting best practices in compliance, conduct, and governance at the highest levels of government and financial services,” Binance.US Interim CEO Norman Reed said in a statement. “The addition of a director of Martin’s caliber to the Binance.US Board reflects the strength of our business and demonstrates our commitment to maintaining the highest standards of compliance and integrity.”

During his tenure at the New York Fed, Grant contributed to initiatives concerning anti-money laundering, sanctions enforcement, risk assessment, data privacy, third-party due diligence, records management, trading compliance, ethics, and conduct.

“It is an honor to join the Binance.US board and be part of an organization built from the ground up to connect Americans to the digital asset industry in a safe, responsible and compliant manner,” Grant said in the statement. “The American digital asset industry is at an inflection point, and I am excited to help guide the future of one of the country’s most influential and customer-centric crypto platforms.”

Binance.US Faced Challenges Throughout 2023

Following the Securities and Exchange Commission’s lawsuit in June 2023, Binance.US reduced its workforce and halted the use of U.S. dollars for crypto purchases on its platform.

In September 2023, the company laid off one-third of its remaining employees, and its president and CEO, Brian Shroder, departed amid uncertainty and declining business.

This led to a significant decrease in market depth, impacting the exchange’s efficiency and appeal. As its market share declined, Binance.US faced challenges in maintaining its reputation and attracting users.

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