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Binance US appoints FBI agent to new investigations unit

By Daniela Ešnerová

12:28, 21 October 2022

Virtual reality representation of cogs featuring the word ‘investigation’
BJ Kang brings almost two decades of FBI experience with him to Binance.US – Photo: ShutterStock.

The US arm of one of the world’s biggest cryptocurrency exchange platforms Binance has appointed a former FBI agent to head its investigation unit. 

Before joining Binance.US, BJ Kang spent nearly two decades at the FBI including work on a number of high-profile insider trading cases. 

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Ready to work with law enforcement agencies

BJ Kang -- TwitterKang will lead and oversee Binance collaborations with law enforcement, regulators and industry peers, according to a statement from the platform.

This will also include building an investigations infrastructure at Binance.US to identify and mitigate criminal activity related to digital assets on the platform as the company continues to strengthen its legal, compliance and risk functions

“Close coordination between the crypto industry and relevant law enforcement agencies to identify and punish bad actors is required to increase trust and enable the crypto ecosystem to continue to grow,” said Kang (pictured above).

BTC/USD

67,793.15 Price
-0.300% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

DOGE/USD

0.14 Price
-2.040% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

ETH/USD

3,457.26 Price
-1.550% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

SOL/USD

180.04 Price
-2.140% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

“Binance.US is already a leader in working with law enforcement to establish a secure digital asset marketplace, and I look forward to using my experience to take those partnerships to the next level.”

Brian Shroder, CEO and president of Binance.US, added: “Binance.US operates with a compliance-first mindset, and over the past year we have made significant investments in our legal, regulatory, and compliance operations.”

According to its statement, Binance.US has significantly increased its legal, compliance, and risk operations over the past year, increasing department headcount by 145%, with more than 20% of the company’s workforce dedicated to these functions.

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Binance Coin / USD
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-9.29 -1.550%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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