Navigating the regulatory landscape has already become a trend for the company.
Binance is setting up a new global advisory board to help the crypto exchange’s financial regulation. This seems to be a good call, especially as the US Securities and Exchange Commission (SEC) has been keeping an eagle eye on crypto companies. At the same time, there is news of lawsuits here and there concerning the financial watchdog and crypto exchanges.
Binance Announces Global Advisory Board
The global advisory board that Binance is creating consists of ex-top government officials and financial experts. Binance CEO Changpeng Zhao said the move points to the company’s commitment to “compliance transparency and ensuring a collaborative, trusting relationship with the world’s regulators.”
Leading the Binance global advisory board of 11 is former US Senator Max Baucus. The board leader joined Binance in March 2021 as the policy and government relations officer. While announcing the appointment last year, the company said Baucus would focus on providing high-level guidance on governance and regulatory efforts. Based on his experience as a former US Senator for Montana and member of the Democratic Party, the exchange wanted him to build strong relations with US authorities and regulators. Additionally, Binance noted that his guidance and policy advice role would include decisions that affect the global industry.
In addition to Baucus, a Binance global advisory board member is Ibukun Awosika, the first female chairman of First Bank of Nigeria. She is also the founder of The Chair Center Group and the Nigerian Advisory Board chairman. More is the former head of the French Treasury and ex-economic advisor to prime minister Bruno Bezard. Brazil’s former minister of economy, Henrique de Campos Meirelles, is also a board member. The economist also served as the president of the Central Bank of Brazil from 2003 to 2011. Another member is former European Commissioner David Wright.
Global Advisory Members Span Across Different Countries
The collection of former government officials across different countries for the new global advisory board indicates that Binance is intentional about its financial regulation. Navigating the regulatory landscape has already become a trend for the company. Binance hired a number of former US internal revenue services agents last year, in addition to a former British regular. It also brought on board a regulator at the Financial Industry Regulatory Authority.
In the official announcement that introduced the Global Advisory Board, Binance wrote:
“We embrace the responsibility to lead the industry from the front and support regulators as they seek to establish a global regulatory and compliance framework for the industry. The right regulations will foster continued technological innovation. They will preserve crypto’s fundamental value propositions of freedom and empowerment while ensuring the right guardrails are in place that provide consumer protection. The Binance GAB [global advisory board] will help us to continue to demonstrate to the world exactly what our organization is capable of and set a shining example for the blockchain industry.”
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