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Binance continues push to become regulated crypto exchange with new hire

Binance continues push to become regulated crypto exchange with new hire


Source: Coin Telegraph

Amid the weight of regulatory scrutiny, Binance continues to grow its international compliance team for better relations with financial regulators.

Crypto exchange giant Binance has hired Mark McGinness, former head of international relations at the Dubai Financial Services Authority (DFSA), as its chief regulatory liaison officer.

According to an announcement issued on Thursday, Binance stated that McGinness will contribute to the company’s push towards better relations with regulatory bodies across the globe.

Indeed, McGinness is the latest Binance hire with expertise in regulatory compliance and engagement with financial regulators.

Before his stint with the DFSA, McGinness was also the head of international relations at the Australian Securities and Investment Commission.

The former DFSA executive has also held advisory positions at the International Monetary Fund.

In a conversation with Cointelegraph, McGinness stated that he plans to leverage the experiences gained and relationships cultivated during the course of his career to improving Binance’s standing with regulators, adding:

“I am looking forward to bringing this experience to Binance where I shall be working with these industry leaders and policymakers to assist not only in setting best practice and regulatory frameworks, but also in broadening their understanding of the blockchain and crypto industry.”

Commenting on McGinness joining the Binance compliance team, the company’s CEO Changpeng Zhao identified the former DFSA executive’s 30 years of experience working with regulators and other policymakers around the world.

Zhao called McGinness’s appointment “a huge step forward” for Binance especially as the business tries to navigate a stricter crypto regulatory climate.

Related: Binance hires former IRS-CI special agent to head intelligence division

As previously reported by Cointelegraph, Binance has been forced to discontinue several crypto trading services in many jurisdictions around the world.

In September, Binance blocked fiat deposits and spot crypto trading services for users in Singapore. The platform has also stopped offering crypto futures trading in Australia.

The exchange giant continues to be the subject of significant scrutiny from state agencies many of whom say Binance is not licensed to operate in their respective jurisdictions.

McGinness told Cointelegraph that Binance maintains a long-term commitment to the industry and is keen to create a “sustainable ecosystem around blockchain technology.”

“In addition to localizing our operations and business to comply with local regulations, we are striving for productive dialogue with regulators so that we can formulate best practices and regulations that are for the long-term benefit of all participants” McGinness wrote to Cointelegraph.

Earlier in October, reports emerged that Binance may situate its headquarters in Ireland. The exchange has been the subject of “globe-trotting” accusations by critics who say the platform’s actions are indicative of attempts to circumvent regulatory provisions.

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Author: Osato Avan-Nomayo