Binance hired new directors in an attempt to negotiate with regulators
Binance has hired new directors in a bid to comply with governing amid pressure from global regulators.
The team of the largest crypto exchange has been replenished with two professional staff. Jonathan Farnell, formerly on the board of directors of the eToro trading platform, has taken over as Chief Compliance Officer. At the same time, Binance US hired Manuel Alvarez, who was the Commissioner for the California DFPI, as its Chief Administrator.
Binance US CEO Brian Brooks emphasized that regulative agreement is the key for the exchange to build trust, both with customers and regulators, which is why Binance management has always paid due attention to it.
In addition to these people, the marketplace also hired 110 new employees who will be responsible for legal issues and regulation of digital currencies in various countries to avoid claims from local governments.
Changpeng Zhao responded to recent administrative interest and licensing requirements by comparing agency pressures to the auto industry, which has evolved as the number of road users has increased worldwide. He believes that creating clear rules will not reduce interest in crypto trading on the contrary, it will help it become more stable and build a “solid foundation” for the entire industry.
Zhao is sure that the regulatory framework is one of the most important tools to prevent unnecessary risks for investors. Binance, in turn, is interested in making digital currencies a safe and reliable financial instrument for the widest possible range of customers.
Among the main steps taken by the exchange towards regulators, Zhao highlighted:
- Replenishment of the company's staff with new personnel since 2020, the consulting team of the exchange has increased by 500%, and by the end of 2021 the management intends to double the staff
- An improvement in the number of partnerships with organizations liable for compliance with the regulatory requirements of global regulators and continue cooperation with Interpol, the UN and other international agencies
- Developing a clear set of actions to comply with governments of different countries and launching “partner brands” for a specific market (for example, Binance US)
The Exchange does not intend to give up its positions even against the background of pressure from several states at once. On the contrary, the management makes every effort to find the best option for interaction in which no user loses his invested funds.
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