Binance US, the largest crypto exchange in the United States, has brought out a new unit for investigations and has already brought in a former special agent from the FBI to head it.
The aim of the investigations unit would be to stop and seek out any and all illegal activity that would be conducted on the platform. The unit is definitely quite new within the crypto exchange. The head of legal proceedings in the firm, Krishna Juvvadi, went on to confirm that BJ Kang, the former agent of the FBI, would be the first head of investigations for the company.
In this role, he would be partnering with regulators, law enforcement, and several other crypto exchanges throughout the country to stop any form of illegal activity that could be conducted on the platform. It has been reported that Kang would also create an investigations infrastructure for the crypto exchange.
Binance US Has Employed BJ Kang As Head Of Investigations
In a statement written on the 20th of October, Binance US stated that it had increased the security of the legal, risk, and compliance operations over the last year by employing staff at an increase of 145%- along with pushing forth 20% of the total workforce of the company to these very functions.
BJ Kang is already quite well-known for several high-profile investigations that he conducted into insider trading and securities fraud in the traditional space of finance over the course of 20 years working at the FBI.
The current head of the investigations unit under Binance US earned the moniker, “the most feared man on Wall Street” by media after he was photographed standing next to and subsequently arresting Bernie Maddoff- the perpetrator of the biggest Ponzi scheme to date. He was also the chief officer on the case of Raj Rajaratnam- a former manager of hedge funds who had been found guilty of insider trading.