Binance, the world’s largest digital currency exchange by trading volume has taken its regulatory compliance ambitious to a new level with the appointment of Mark McGinness, former Head of International Relations at the Dubai Financial Services Authority (DFSA). According to the trading platform, McGinness is joining to take up the role of Chief Regulatory Liaison Officer.
The new appointment reaffirms Binance’s efforts to stem its regulatory woes, and McGinness will bring his over 30 years of experience working in related roles. His experience spans international market watchdog, as well as regional securities and insurance commissions. In terms of organizational profile, McGinness has worked in various capacities for the DFSA, Australian Securities and Investments Commission (ASIC), World Bank, and the International Monetary Fund (IMF).
“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, said Binance CEO ‘CZ’ Changpeng Zhao. “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.”
Turning Tables Around with Close Ties with Regulators
The claim that Binance is unregistered in many major crypto hotspots including Hong Kong, Singapore, and South Africa has pushed the trading platform to restrict the bulk of its trading activities in these regions.
At present, the company is currently working its way to re-align its goals to fit the regulator’s demands, and it is drawing on the expertise of its new team of advisors to do this. Binance has increased its advisory board by 500% since 2020, with other prominent names including Greg Monohan, and Matthew Price.
Commenting on his appointment, McGinness said he is willing to help bridge the gap between the company and regulators.
“The rapid mainstream adoption of blockchain and crypto technology signals a need for a deeper understanding and appreciation among governments, regulatory bodies, and users alike,” said Mark. “I aim to bridge this divide through working closely with industry leaders and policymakers to not only set best practices and regulatory frameworks but also broaden their understanding of this dynamic industry.”