Former IRS Special Agent Will Lead Binance’s SAR Reporting

Former IRS special agent Amjad Qaqish will now lead binance’s Global Suspicious Activity Reporting as we are reading more in our latest binance news.

Binance hired the former IRS special agent to become the new Director of Global Suspicious Activity Reporting as the exchange added in a statement:

“Mr. Qaqish has over 30 years of service with the IRS, of which over 23 were spent as a Special Agent with the IRS Criminal Investigation agency.”

During his time at the IRS, he worked on plenty of crypto-related cases involving tax evasion, fraud, money laundering, and terrorism financing. Now, Amjad Qaqish will lead the Global SAR team that monitors suspicious and unusual activity with the goal of preventing bad actors from exploiting crypto users and other participants. The team aims to ensure that the user accounts and funds are safe.
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The new director said that Binance is a marker leader and that the global community will be happy to look up to their decision:

“The speediness of how the crypto market grows means the deterrence of bad actors is critical to the long term success of our industry.”

However, during the majority of the year, Binance runs into plenty of regulatory controversies. For the bigger part in 2021, the exchange encountered an abundance of issues with financial regulators across the world. Regulators from Japan and the Netherlands issued consumer warnings about the exchange and also the regulators from the Cayman Islands and Italy said that binance is not licensed in their jurisdictions. The exchange faced plenty of enforcement actions for operating illegally in Malaysia as well. In the UK, the Financial conduct authority issued a consumer warning against Binance Markets Limited after the FCA said BML was incapable of being regulated after failing to provide basic information about how the company was organized.

As recently reported, Binance investigates the Squid Game scammers and according to an intelligence team of the platform, it will start auditing the blockchain and gather information to hand over to authorities and help to catch the bad guys. A Binance spokesperson assured that these strategies became quite popular in the crypto space and that they were working to trace the funds and give some help to the authorities with leads that can identify the scammers.