Binance – the world’s largest cryptocurrency exchange – recently hired Mark McGinness as its Chief Regulatory Liason Officer. McGinness is a former Head of International Relations at the Dubai Financial Services Authority (DFSA).
How McGinness Helps Binance
According to a press release shared with CryptoPotato, the hire is part of Binance’s effort to better cooperate with regulators. They’ve made many recent hires for similar purposes, expanding its compliance team by over 500% since 2020.
With the DFSA, McGinness was responsible for expanding the group’s regulatory network and settling memoranda of understanding. He was Chief Decision Maker for the DFSA on matters referred by its Enforcement division.
McGinness was also Head of International Relations for the Australian Securities and Investments Commission (ASIC). There, he served as an advisor to ASIC’s chairman on international engagement and global standard-setting. The Officer has even held advisory positions for the International Monetary Fund and World Bank.
Binance CEO ‘CZ’ Changpeng Zhao said McGinness’s help will be instrumental to the exchange’s cooperation with policymakers.
“Mark is one of the most respected regulators and compliance experts in the industry. He brings with him over 30 years of invaluable experience working alongside key stakeholders in the financial services industry. Mark joining our leadership is not only a huge step forward for Binance, but the industry as a whole, as we work to grow the industry responsibly with the support of regulators and policymakers across the globe.”
Meanwhile. McGinness recognizes the need for greater understanding of blockchain technology among policymakers. He intends to “bridge the divide” between blockchain and government to establish regulatory frameworks and a better understanding of the space.
Binance Is Cooperating With Regulators
Binance is dedicating tremendous resources to ensuring its regulatory compliance. Last month, the exchange hired IRS-CI Expert as its VP of Global Intelligence and Investigations. The expert – Tigran Gambaryan – is responsible for audits and investigations relating to criminal activity on the company’s platform.
Similarly, Binance recruited a former US Treasury CI in August to report and combat money laundering, and expand its AML and investigative programs.
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