• Binance appointed Kristen Hecht as the new Deputy Chief Compliance Officer (CCO) and Global Money Laundering Reporting Officer (GMLRO).
• Kristen Hecht has a 17-year background in financial crime compliance.
• Her role will entail proactive involvement with regulatory bodies, intergovernmental organizations, and industry associations to identify and combat money laundering risks.
Binance Appoints New Deputy Chief Compliance Officer
Binance announced on Thursday that Kristen Hecht has been appointed as their new Deputy Chief Compliance Officer (CCO) and Global Money Laundering Reporting Officer (GMLRO). This comes amid potential fraud charges from U.S. regulators.
Hecht’s Professional Background
Hecht is no newcomer to Binance, having initially joined the company in January 2023 and previously served as the Global Head of Corporate Compliance. With an impressive 17-year background in financial crime compliance, she boasts noteworthy positions such as Chief Compliance Officer at Meta’s pioneering crypto digital asset wallet initiative, Novi Financial; Head of Financial Crime Compliance at HSBC China; and Senior Policy Advisor for the U.S. Department of the Treasury.
Focus of Position
In her newly assumed position, Hecht will focus on enhancing Binance’s compliance program by proactively involving regulatory bodies, intergovernmental organizations, and industry associations to identify and combat money laundering risks. She stated: „I’m leveraging my professional background to continue evolving our compliance controls to outpace illicit actors.“
Amid ongoing investigations into its practices, Binance has witnessed the departure of several key legal and compliance executives in recent weeks due to challenges connected to managing multiple inquiries from law enforcement agencies both in the United States and internationally. Consequently, there are concerns about potential fraud charges being brought against the exchange which makes this appointment all the more important for Binance moving forward.
The appointment of Kristen Hecht aims to strengthen Binance’s compliant program while facing scrutiny from various law enforcement agencies both domestically and abroad due to recent developments connected with potential fraud charges being brought against them.