Binance Taps SVP Compliance From Crypto Rival Kraken

Binance, the world's largest cryptocurrency exchange by spot-trading volume, has snatched up the chief compliance officer from rival Kraken, as the industry continues to ramp up its compliance efforts.

Steven Christie, who oversaw global compliance at Kraken for more than four years, joined Binance as its senior vice president of compliance in May, a Binance spokeswoman said Thursday.

Mr. Christie leads Binance's global compliance team of more than 750 people, including its cyber investigations team, the spokeswoman said. Mr. Christie has worked in the crypto industry since 2015, previously serving as the compliance chief at bitcoin custodian Xapo Bank.

San Francisco-based Kraken said Wednesday that it expects to hire a new chief compliance officer in the next few weeks. The company also said co-founder Jesse Powell plans to step down from his role as chief executive but will remain chairman.

Kraken said Dave Ripley​, its current chief operating officer, will succeed Mr. Powell after the company completes a search for a new COO. Kraken is the fourth-largest crypto exchange by spot-trading volume, according to cryptoassets price-tracking website CoinMarketCap.

The demand for compliance and legal talent in the crypto industry has continued in recent months, despite tumbling crypto prices and layoffs, as the industry faces increased regulatory pressure. And Binance has established a Global Advisory Board to tackle regulatory challenges.

(Source: Wall Street Journal)