Steve Christie, previously the Senior Vice President of Compliance at Binance, has rejoined the cryptocurrency exchange in the capacity of Deputy Chief Compliance Officer (DCCO).
Meanwhile, this move comes in the wake of the regulatory challenges Binance has recently faced, including a substantial settlement of $4.3 billion with United States regulators over alleged penalties.
Steve Christie Returns to Binance
Christie expressed satisfaction with how Binance addressed the regulatory challenges from the United States Securities and Exchange Commission (SEC) and the US Department of Justice (DoJ).
“I am impressed by what Binance has accomplished on the compliance front since I stepped away momentarily.”
According to the statement, Christie and Binance’s Chief Compliance Officer, Noah Perlman, will collaborate to further strengthen its global compliance program.
However, Christie and Perlman will also bolster new opportunities for Binance to maintain a leadership role as the industry evolves.
Read more: Top 7 Binance.US Alternatives That Support USD Withdrawals
Binance Recent Regulatory Troubles
In December 2023, BeInCrypto reported that the court declared that Zhao and Binance allegedly violated the Commodity Exchange Act and CFTC regulations.
This resulted in a $150 million civil monetary penalty against Zhao personally.
Binance was required to disgorge $1.35 billion of alleged ill-gotten transaction fees. Additionally, pay an additional $1.35 billion penalty to the CFTC.
In November 2023, Binance and CZ agreed to settle with the US Department of Justice for a $4.3 billion penalty.
The deal included a $3.4 billion penalty from the US Treasury’s Financial Crimes Enforcement Network and another $968 million from the Office of Foreign Assets Control.
The U.S. Securities and Exchange Commission (SEC) initiated legal action against Binance in June 2023, accusing Binance Holdings Ltd., its U.S. subsidiary BAM Trading Services Inc., and the company’s founder, Changpeng Zhao, of multiple violations.
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