Binance said on Wednesday it had appointed a former U.S. Treasury Department criminal investigator as its global money laundering reporting officer, making another effort in mitigating regulatory scrutiny.

Greg Monahan has nearly 30 years of government service in tax, money laundering and other financial crime investigations. In his statement, He said he will be focusing on expanding Binance's international anti-money laundering and investigative programs and strengthening its ties with global regulatory and law enforcement agencies.

Governments and financial regulators are now looking more closely at the cryptocurrency industry, posing a challenge to crypto exchanges such as Binance.

Binance's international compliance team and advisory board is growing 500 percent in size since 2020. Yesterday, the company said it had approached Richard Teng, the former head of Abu Dhabi's global markets, to head its Asian operations.