Home Regulation Binance snags former Gemini compliance officer amidst scrutiny over BUSD

Binance snags former Gemini compliance officer amidst scrutiny over BUSD

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According to a Feb. 14 report in The Wall Street Journal, Binance has hired and promoted a compliance executive who previously worked at rival Gemini.

The report indicated that Noah Perlman would become Binance’s chief compliance officer after joining Binance’s compliance team in January.

Perlman previously worked at Gemini from October 2019 to January 2023, but apparently left around the time the brokerage firm was sued over the failure of the Earn program. Gemini will replace Perlman by promoting Christopher Mariadason to Chief Compliance Officer in August 2022.

Perlman and Maria Dason previously held roles related to financial crimes at multinational investment firm Morgan Stanley, with overlapping tenures. The two worked at Morgan Stanley, where he worked for over 13 years and over 8 years respectively.

While it is common for companies to hire executives from their competitors, the hiring is notable given the fact that Binance USD (BUSD) is under regulatory scrutiny.

Ongoing BUSD Scrutiny

Binance partner Paxos faced action from the New York Department of Financial Services (NYDFS) this week. The development will force Paxos to stop issuing his BUSD, which could face securities costs as well. Binance may face scrutiny despite trying to distance itself from the issue. Adopting compliance is a valuable asset.

Binance has hired an additional former Kraken compliance executive in September 2022. At the time, Binance said it planned to hire hundreds of compliance workers.

With the threat of regulatory action looming, crypto companies are arguably looking to beef up their compliance teams with executives with similar experience, those who have worked in both traditional finance and cryptocurrency sectors.

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