Former Gemini Executive Joins Binance as New Chief Compliance Officer (CCO)

Binance, the world’s largest cryptocurrency exchange, has appointed Noah Perlman, former executive at Gemini, as its new Chief Compliance Officer, signaling its commitment to strengthening its compliance team amid growing regulatory scrutiny.

From Gemini to Binance: New Journey for Noah Perlman

Binance, the largest cryptocurrency exchange, has announced that it has appointed Noah Perlman as its new Chief Compliance Officer. Perlman is a former C-suite executive at the crypto exchange Gemini. The move is seen as part of Binance’s efforts to strengthen its compliance team in response to increasing regulatory scrutiny. Bloomberg first reported the news of Perlman’s hiring on Monday, which was then confirmed by a spokesperson from Binance on Tuesday.

Perlman has a wealth of experience in the financial and regulatory sectors. Prior to joining Binance, he worked at Gemini for over three years as both Chief Compliance Officer and Chief Operating Officer. Before entering the cryptocurrency industry, Perlman served as the Global Head of Financial Crimes at Morgan Stanley and as division counsel at the US Drug Enforcement Administration New York.

In a bid to allay concerns and improve its regulatory compliance, the exchange has committed to expanding its compliance team, as outlined in a tweet by Binance CEO CZ in September.

His extensive background in compliance and law enforcement is expected to be a valuable asset to Binance as the exchange navigates an increasingly complex regulatory landscape.

Recent Actions Show Binance’s Commitment to Compliance Amidst Regulatory Scrutiny

Binance’s latest appointment of Noah Perlman as its Chief Compliance Officer comes as the crypto exchange seeks to strengthen its compliance team and insulate itself from growing regulatory scrutiny. Binance has been under increasing scrutiny from regulators for its involvement in the branding of Binance USD (BUSD), which is a stablecoin issued by Paxos.

Binance’s “commitment to compliance” is further evidenced by the exchange’s participation in the National Cyber-Forensic and Training Alliance (NCFTA), making it the first crypto entity to do so in early 2022.

This move highlights Binance’s efforts to combat cybercrimes and ransomware threats, while also protecting its users from the market’s adversities through the Secure Asset Fund for Users (SAFU). With the appointment of Noah Perlman, Binance is well-positioned to navigate the complex and rapidly-evolving regulatory landscape and ensure its long-term viability in the cryptocurrency market.

Binance has not only focused on hiring top talent to strengthen its compliance team but also on expanding its overall team to support the exchange’s continued growth. In stark contrast to other firms in the crypto industry that resorted to layoffs during the “crypto winter,” Binance ramped up its hiring campaigns and successfully hit its 8,000 employee goal. In 2021, the exchange’s compliance and advisory team grew by a remarkable 500%, according to a team spokesperson. 

Before bringing on Noah Perlman as its Chief Compliance Officer, Binance also hired Steven Christie, formerly the Head of Compliance at Kraken, as the Senior Vice President in 2021. These moves highlight Binance’s focus on building a strong and diverse team to maintain its leadership position in the rapidly-evolving cryptocurrency market.

Following the collapse of FTX, Binance took action to address the situation and prevent similar incidents from occurring. One of the steps the exchange took was to introduce a proof-of-reserves (PoR) system to increase transparency and ensure the safety of its users’ funds.

However, Binance is not content to rest on its laurels and is continuing to improve its PoR system by incorporating zk-SNARKs, a cutting-edge technology that enhances privacy and security in blockchain transactions. With these measures in place, Binance is demonstrating its commitment to providing a safe and reliable platform for its users to trade and store their digital assets.

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