Last Updated on September 25, 2022 by Bitfinsider

Binance, the world’s largest cryptocurrency exchange by spot trading volume, has hired Kraken’s chief compliance officer, as the industry ramps up its compliance efforts.

Steven Christie, who oversaw global compliance at Kraken for over four years, joined Binance as senior vice president of compliance in May, according to a Binance spokeswoman.

According to the spokeswoman, Mr. Christie leads Binance’s global compliance team of over 750 people, including its cyber investigations team. According to a biography from a 2019 blockchain event in which he participated, Mr. Christie has been in the crypto industry since 2015, previously serving as the compliance chief at bitcoin custodian Xapo Bank.

Kraken, based in San Francisco, announced on Wednesday that it plans to hire a new chief compliance officer within the next few weeks. The company also announced that co-founder Jesse Powell will step down as CEO but will remain chairman.

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

Kraken’s latest management shuffle comes as the company faces increased regulatory scrutiny. According to a July New York Times report, the exchange is under federal investigation for allegedly violating US sanctions by allowing users in Iran and elsewhere to buy and sell digital tokens.