Binance Bolsters Compliance Team with Crypto.com Veterans

Binance has made two significant hires in an effort to strengthen its compliance team. Antonio Alvarez and Duncan DeVille, both former executives at Crypto.com, will join Binance as deputy chief compliance officer and global head of financial crime compliance, respectively.

The experience of the new hires is extensive, with Alvarez having worked at American Express, Visa, Western Union, Coinbase, and Crypto.com before joining Binance. DeVille also has a background in compliance, having worked at Western Union and the U.S. Treasury Department before joining Crypto.com.

Binance's compliance team has faced challenges in recent months, with several senior members departing from the division. The company has denied allegations of improper handling of Iran-related funds, but has acknowledged that it failed to maintain a proper anti-money laundering program in 2023, resulting in a $4.3 billion settlement.

The hires are seen as an attempt by Binance to demonstrate its commitment to compliance and rebuild trust with regulators and customers. However, the real test of Binance's efforts will be whether it can maintain a strong compliance team and avoid further regulatory issues in the coming months.