Cryptocurrency trading platform Binance.US, an affiliate independent of its embattled parent company, announced Thursday the appointment of Lesley O’Neill as chief compliance officer.
O’Neill joins from digital identity verification platform Prove Identity, where she held the same role in addition to serving as interim general counsel. Prior to Prove, she worked at Big Four audit firm EY as global privacy counsel.
At Binance.US, she succeeds Tammy Weinrib, who resigned in November—the same month parent company Binance pleaded guilty and agreed to pay $4.3 billion in penalties for significant violations of U.S. anti-money laundering (AML) laws, sanctions, and other regulations.
Binance.US was launched in 2019 to serve U.S. residents and comply with the country’s regulations, while parent company Binance maintained it did not operate in the United States. The U.S. government, however, found that to be untrue in disciplining the latter for failing to establish an AML compliance program and file suspicious activity reports as required under the Bank Secrecy Act.
“Binance made no serious effort to eliminate U.S. activity from Binance.com, despite its contrary representations, and the creation of Binance.US did not result in a separate platform for all U.S. operations,” said the Treasury Department’s Financial Crimes Enforcement Network in its order. “Instead, Binance.US effectively provided cover for Binance.com’s continued service of U.S. customers.”
As part of its resolutions with the Department of Justice, Treasury Department, and Commodity Futures Trading Commission, parent company Binance will have a monitor oversee its complete exit from the United States.
Binance.US was not covered by the resolutions and continues on, with O’Neill leading the company’s AML, know your customer, and sanctions programs.
“It is incredibly exciting to join Binance.US at this important time for the company and digital asset industry,” she said in a press release. “I look forward to earning and maintaining the trust of our customers and regulators by building upon the company’s strong foundation of compliance and deepening its commitment to accountability and transparency.”
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