Former New York Fed officer joins Binance.US board

Crypto exchange Binance.US announced Tuesday it has appointed a former New York Federal Reserve officer, Martin Grant, to its Board of Directors for BAM Management US Holdings to help oversee the firm’s financial reporting processes and internal controls.

Grant is a former chief compliance and ethics officer at the New York Fed with over three decades of regulatory, legal and compliance experience in government and the digital assets industry. Grant currently serves as 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.”

At the New York Fed, Grant worked on programs related to 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.”

A tough 2023 for Binance.US

Binance.US cut staff numbers in the wake of the Securities and Exchange Commission's suit against the company in June 2023. The company also saw its business shrink, as its customers could no longer use U.S. dollars to purchase crypto on the platform.

In September 2023, the firm laid off one-third of its remaining employees, with Binance.US president and CEO Brian Shroder also exiting the company amid uncertainty and declining business.

It subsequently experienced a staggering decline in market depth, undermining the overall efficiency and attractiveness of the exchange and further damaging its reputation and ability to attract users as its market share dwindled.