By
Godfrey Benjamin
April 17th, 2024
Baucus has become an adviser for Binance amid the increasing global interest in cryptocurrencies and the adoption of digital assets .
The world’s biggest crypto exchange Binance has named former US senator Max Baucus as an adviser. Baucus will begin to serve as Binance’s adviser on policy and government relations. Binance announced the new development in a press release on the 11th of March.
The former US senator, who also served as US ambassador to China from 2014 to 2017, will begin to offer guidance and policy adviser to Binance. In a statement, Binance added that Baucus would work with US regulators regarding policies affecting the industry.
Commenting on Baucus’ new appointment in an email to Bloomberg, Binance CEO Changpeng Zhao, also known as CZ, said:
“Binance is committed to working closely with governments around the world, under the guidance of some of the most seasoned experts. We believe Senator Baucus will play an instrumental role for Binance, the crypto industry, and the different government bodies around the world going forward.”
CZ believes that Baucus’ experience as a former senator who served in the US Senate and House of Representatives for almost 40 years is an added advantage for his new role. According to the CEO, Baucus has “intimate understanding of global regulation” and will bring additional value to Binance. CZ added that all the former senator’s skills would enhance Binance’s “already strong compliance and policy tear.”
Baucus also commented on his new appointment as policy and government-relations adviser. He said:
“Binance is one of the largest organizations involved in bringing these to the mainstream and it’s a privilege to assist in approximately navigating the complex political and regulatory frameworks that hold the key to enabling wider adoption.”
Former US Senator Becomes Binance Adviser amid Increased Crypto Adoption
Baucus is becoming Binance’s adviser amid the global increasing interest and adoption of cryptocurrencies. Bitcoin, including altcoins, have surged significantly over the past year, reaching several new highs. Since the beginning of the pandemic, there has been a massive growth in the crypto market, attracting the government’s attention. As a result, there has been heightened scrutiny by regulators on digital assets.
Currently, Binance does not directly serve crypto traders in the US. The exchange said on multiple occasions that it was planning to remove all US customers from its platform. This is due to unfavorable regulations on the crypto space from US regulators on state and federal levels.
As stated in the press release, Binance said Baucus would play a “key role” in consulting and liaising with regulators in the US. The press release said the newly-appointed adviser would work with authorities “on decisive policies and best practices to further guide sustainable developments for Binance and the broader cryptocurrency ecosystem.”
Binance CEO is confident that Baucus will help the crypto industry at large on specific topics that are challenging.
Blockchain.com also announced recently that former White House deputy chief of staff Jim Messina would be joining its board of directors.