Binance US Recruits ex-FBI Agent For New Investigations Unit

Binance’s head of legal, Krishna Juvvadi, announced the creation of a new unit within the exchange. The unit will be called the ‘Investigation Unit’ and shall be headed by BJ Kang, a former FBI agent. 

The aim of creating the investigation unit within the US crypto exchange is to discover illegal activities and block the loopholes through which criminals perpetrate their acts. 

The Binance Investigation Unit 

Juvvadi said the investigation unit became necessary amidst the rise in criminal activities on crypto exchange platforms. 

It, therefore, needed to create a separate unit to see into these activities and get a security expert to head the unit. 

Little wonder, the FBI agent once dubbed as “the most feared man on Wall Street” was chosen for the job. In a tweet by BlockNotes, BJ Kang becomes the first head of the investigations unit at Binance. 

The U.S. arm of Binance, the world’s largest cryptocurrency exchange by trading volume, has hired former FBI agent BJ Kang as its first head of investigations. Mr. Kang will work closely with law enforcement, regulators and other crypto companies. #Bitcoin #Crypto #BinanceLUNC pic.twitter.com/TZpCmKFUb4

— Block❤️Notes (@aruko_li) October 21, 2022

It’s been alleged that the job is tasking and requires a practical approach. Therefore, the unit is expected to partner with law enforcement agencies, regulators, and other exchange platforms to detect and halt malicious activities on Binance. 

What does BJ Kang bring to Binance?

BJ Kang, the ex-FBI agent, spent 20 years working exceptionally as a special agent against securities fraud. His career spanned high-profile investigations into securities fraud and insider trading in the US traditional financial market. He masterminded the arrest of notorious criminals in his heyday and was widely respected for it.

Now, he is expected to head Binance’s investigation unit and build an investigation infrastructure for Binance US.  The creation of the investigation unit comes at a time when Binance is enmeshed in several controversies.  For instance, the SEC recently probed for info on two ‘market makers’ for their platform. 

Similarly, Reuters released an expose accusing them of processing about $2.35 billion worth of transactions from illegal activities. Experts believe that these allegations prompted them to create the investigation unit and use an ex-FBI agent as the head. 

Aside from his experience, his personality is expected to build the credibility of Binance now that it is entangled in controversies.

Conclusion 

The investigation unit that Binance has built is arguably a step forward in repairing its reputation.

Adding a high high-profile expert like BJ Kang to the ranks is a masterstroke. However, time will tell if Binance can come out of these controversies and also if the two parties can make a good match or not.