Binance Holdings Ltd. has hired two senior compliance executives from Crypto.com as the cryptocurrency exchange strengthens its compliance team amid a series of staff departures and continued regulatory scrutiny, Bloomberg reported.
Antonio Alvarez, who until recently led compliance at Crypto.com, is set to join Binance as deputy to Chief Compliance Officer Noah Perlman. Duncan DeVille, another former Crypto.com executive, has taken up the role of Binance's global head of financial crime compliance.
“Their decision to join Binance is both a vote of confidence in our program and a reflection of our continued commitment to building one of the strongest compliance functions in the industry,” Perlman said in a statement.
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Crypto.com did not immediately respond to Bloomberg's request for comment.
Several senior employees have departed Binance's compliance operation over the past year, Bloomberg previously reported. Fortune, The New York Times and The Wall Street Journal have also reported that some of the departures were linked to concerns over how Binance handled money flows involving Iran. Binance has disputed key elements of those reports, saying its compliance systems worked as intended.
The exchange is facing further scrutiny over three employees who were questioned in the United Arab Emirates as part of a probe involving a particular bank account linked to client funds.
Binance and co-founder Changpeng Zhao pleaded guilty in 2023 to failing to maintain an effective anti-money-laundering program. The exchange agreed to a $4.3 billion settlement, while Zhao spent months in prison. After his release, he received a pardon from President Donald Trump in October.
Binance has said it cooperates with law enforcement agencies and regulators.
Compliance Experience
Both Alvarez and DeVille bring experience spanning digital assets and traditional finance.
Alvarez previously worked at American Express Co., Visa Inc. and Western Union Co. before joining Coinbase Global Inc. in 2019, according to his LinkedIn profile. He moved to Crypto.com in 2020.
DeVille also worked at Western Union and the US Treasury Department before joining Crypto.com in 2022.
Binance hired Perlman, a former assistant US attorney and lawyer for the Drug Enforcement Administration, in 2023 as the exchange faced heightened scrutiny from US regulators over its compliance practices.
Perlman has also indicated internally that he plans to leave Binance, although the timing remains uncertain. Bloomberg reported in April that he had been discussing a departure sometime this year or next.
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