Kraken Receives Big Blow From Binance
Steven Christie, the person having served at Kraken to monitor global compliance for above 4 years, has now become a part of Binance to play the role of the compliance head at Binance. The crypto exchange Binance has been successful in hiring the compliance chief of Kraken (the rival thereof) as the crypto industry is gradually ramping up its compliance endeavors. The executive formally enrolled himself in Binance in May this year, as stated by a spokeswoman from Binance on Thursday.
Kraken’s Chief Compliance Officer Appointed by Its Competitor Binance
The global compliance group of Binance – which comprises 750 members – now operates under Mr. Christie. The spokeswoman disclosed that the group also takes into account the cyber investigations. Mr. Christie has been a part of the crypto market since 2015 and has formerly served as Xapo Bank (a Bitcoin custodian company) as the compliance chief, as per his biography mentioned in a blockchain event (that took place in 2019) where he was also a participant.
Kraken, a crypto exchange based in San Francisco, revealed on Wednesday that the firm has a plan to appoint a unique compliance officer during the coming weeks. The firm additionally brought to the front that Jesse Powell (the co-founder of the company) intends to leave his role as chief executive however will keep on operating as the chairman. Kraken specified that its present chief operating officer – Dave Ripley – will take the place of Mr. Powell following the venue accomplishes its quest for an exclusive COO.
The platform is considered to be the 4th biggest crypto exchange in terms of spot-trading volume thereof, as per CoinMarketCap (an online platform for tracking the prices of crypto assets). With the enhanced regulatory scrutiny, Kraken is going through a management shake-up. A report published by New York Times in July pointed out that the crypto exchange is under a federal investigation because it is infringing the sanctions implemented by the United States.
Demand for Legal and Compliance-Related Talent Increases in the Crypto Market
In this respect, Kraken has allegedly permitted the consumers residing in Iran as well as the rest of the areas to sell as well as purchase digital assets. For several recent months, there has been a great demand in the crypto market for legal and compliance-related talent.
