Binance continues push to become regulated crypto exchange w | Crypto Miami
Binance continues push to become regulated crypto exchange with new hire.
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 toward 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.
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’ appointment “a huge step forward” for Binance, especially as the business tries to navigate a stricter crypto regulatory climate.
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 which say Binance is not licensed to operate in their respective jurisdictions.
