Crypto Exchange Binance Hires Former IRS Special Agent to Lead SAR Reporting

[so98nn]

Taken the title as it is from the article.

So the worlds most popular exchange binance (Crypto) facing big troubles around the globe. Most of the countries sees Binance as an exchange who has entered their territory with no formal juris acceptance neither they tried to explore the regulatory requirement.

With that said Binance now has hired the former U.S. Internal Revenue Services member named Amjad Qaqish who has over 30 years of experience in the field. Among this the article states 23 years of his career was spent as an agent of IRS criminal Investigation.

It would be very interesting to see how this guy is going to manage the Binance henceforth and how he will be taking control of illegal statements in other countries. He does carries the experience of crypto related cased of fraud, tax evasion, money laundering etc.

Do you think this a good move by the Binance?

Read: Binance Hires IRS

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[bL4nkcode]

Having new and experienced people added on to your work force will be beneficial to the team and to the company, I say its a good move for binance. This changes has nothing to do with their users, not unless they're submitting/submitted false documents as for the KYC, and putting fake names and information since he will the one who is incharge in that area.

[Stedsm]

It isn't something that can be commented on TBH because what lies in the future can't be told as nobody knows it. If this officer proves to be proficient to Binance, then he'll definitely roll out things that will save Binance from the legal matters they are facing ATM. Though, if he still "remains an IRS Agent" by heart, then the story will be different and he may become a destroyer of Binance's business too as the proverb goes - "A small leak will sink a great ship".

[jrrsparkles]

More the experience then they know how to handle all those things simple but Binance already facing troubles on many countries so they are forced to regulate the exchange according to the territory and its not going to be the same rules like before but the good thing is now government recognize the cryptocurrency platforms so they are coming under the radar which will develop the trust among the common man who always mislead by fake news like cryptocurrency is scam, blah blah...

[Shenzou]

This seems to me like a reasonable action, and in a way maybe its just to give their actions more of a legal approach, because Binance being the one of the biggest exchanges if not the biggest, has been dealing with a lot of  pressure and issues with a lot of governments around the world, and it seems with the ever so growing crypto market its seems the the grip has been tightening a lot more on the exchanges and who knows maybe Binance were forced to hire this guy, and i fear that the anonymity of the trades and transactions that we do on these exchanges are going to become more monitored and reported to the governments.

[bitLeap]

Do you think this a good move by the Binance?

Two positive and negative points that I take from the news is that what Binance is doing apart from maintaining the reputation of the exchange that has become a trust throughout the country, was forced to make a reshuffle. I mean an overhaul by placing IRS workers to oversee any actions or transaction activities that are deemed to be against the rules. to me it wouldn't be so bad if someone named Amjad Qaqish was just doing his job of supervising, as long as it didn't get in the way of the exchange rate.

[teosanru]

~snip
 Though, if he still "remains an IRS Agent" by heart, then the story will be different and he may become a destroyer of Binance's business too as the proverb goes - "A small leak will sink a great ship".

These kinds of things don't really happen in today's corporate world, he would be getting enough remuneration from Binance to maintain his loyalties towards them and these Agents are professional, not patriots, they work diligently for the organization and the work they have been assigned not because they want the countrymen to be honest taxpayers, Infact this sort of experience would provide Binance with contacts inside the IRS too which could prove handy to them. Moreover, Binance is facing issues in other countries too this person being so experienced must have some experience of working with Revenue departments of other countries too.

But will this solve problems for Binance? I doubt! Because Binance's major problem is that there are wrong things happening on their platform but they aren't able to trace down the culprits as there were no KYC earlier.

[Stedsm]

--snip--

But will this solve problems for Binance? I doubt! Because Binance's major problem is that there are wrong things happening on their platform but they aren't able to trace down the culprits as there were no KYC earlier.

I take your words about his loyalties and him being useful to Binance. But does that make any change if Binance is the culprit itself? Have you seen unusual behavior during trading at Binance? I've seen it many times. There were unusual highly quick crashes I don't believe any whale would be behind it but the exchange itself because such wicks took place on Binance alone. And if this guy comes with an expertise in money laundering section too, I believe that his contacts and sense of humor will be enough to trace at least some culprits through evidences he may have already found earlier but are also linking to Binance.

[so98nn]

Haha, I did not expect that we will have doubts over the hiring of IRS. Hm, I did not expect that this thing could really happen. I mean yes after reading your comments it is possible that the IRS could be potential threat to the Binance with the most critical information being handled by him.

There is only one way to avoid this from happening, Binance needs to keep him way way happy with his $$$$ wages. Moreover, there is also possibility of another flagship here: If was whole heartedly doing his IRS job then he is kinda honest man for the job he is hired for.

So with that fact he might just be a very good asset for the Binance too.