Binance continues push to become regulated crypto exchange with new hire

Binance continues push to become regulated crypto exchange with new hire

Binance, a crypto exchange giant, has appointed Mark McGinness as its chief regulatory liaison officer. He was previously the head of international relations at Dubai Financial Services Authority (DFSA).

A Thursday announcement by Binance said that McGinness would contribute to the company’s efforts to improve relations with regulators around the world.

McGinness, the latest Binance hire, is an expert in regulatory compliance and engagements with financial regulators.

McGinness, prior to his time with the DFSA was also the head international relations at Australia’s Securities and Investment Commission.

Former DFSA executive also served as an advisor at the International Monetary Fund.

McGinness spoke to Cointelegraph and stated that he hopes to use the knowledge and relationships he has gained over the course of his career in order to improve Binance’s standing among regulators.

“I look forward to bringing my experience to Binance, where I will be working with these industry leaders to help them not only set best practice and regulatory frameworks but also to broaden their understanding of blockchain and the crypto industry.”

Changpeng Zhao, CEO of the company, commented on McGinness’s joining the Binance compliance group. He cited the 30-years experience Changpeng Zhao had working with regulators around the globe.

Zhao described McGinness’s appointment as “a tremendous step forward” in Binance, especially as the company tries to navigate a stricter cryptocurrency regulatory environment.

Related: Binance recruits ex-IRS-CI special agent as head of intelligence division

Cointelegraph previously reported that Binance had to cease several crypto trading services in many jurisdictions across the globe.

Binance has blocked spot crypto trading and fiat deposits for Singapore users since September. It has also stopped offering Australian crypto futures trading.

State agencies continue to scrutinize Binance, a giant in the exchange industry. Many of them claim that Binance isn’t licensed to operate within their jurisdictions.

McGinness stated to Cointelegraph that Binance has a long-term commitment and is eager to build a sustainable ecosystem around blockchain technology.

McGinness wrote to Cointelegraph, “In addition to localizing operations and businesses to comply with local regulations,”

In October, it was reported that Binance might have its headquarters in Ireland. Critics have accused Binance of “globe-trotting”, claiming that the exchange’s actions show that it is trying to bypass regulatory provisions.

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