Binance, the largest crypto exchange around the globe, has broadened its efforts for regulatory compliance by employing Mark McGinness (a compliance expert) to be its Chief-Regulatory-Liason-Officer. Formerly, McGinness worked as Head-of-International-Relations at the DFSA (Dubai-Financial-Services).
How McGinness assists Binance
As per a press release, this employment is among the efforts of Binance to have better cooperation with regulators. Recently, several hires have been incorporated by the firm into it for the fulfillment of such purposes through enlarging its compliance staff by more than %500 since the previous year. During his previous job at the DFSA, the chief responsibility of McGinness was to settle the memoranda-of-Understanding and widen the regulatory network of the group. He functioned there as the Chief-Decision-Maker for the company regarding the matters endorsed by the Enforcement Division thereof.
Another office of the Head-of-International-Relations has also been operated by McGinness under the ASIC (Australian-Securities-and-Investment-Commission). There, he functioned to be the Chairman’s Advisor on the global standard-setting and international engagement. The advisory positions have also been held by the officer under World Bank and International-Monetary-Fund. The CEO of Binance Changpeng Zhao (CZ) stated that the assistance of McGinness will be effective in the cooperation of the exchange with policymakers. He added that Mark is considered to be among the highly respected compliance experts and regulators in the crypto industry.
He has got precious experience of more than “30-years” of working simultaneously with the chief stakeholders across the industry of financial services. The joining of Binance by Mark is not just a huge forward move for Binance, however for the whole industry, because the company works to cultivate the industry with the responsibility of assisting the policymakers and regulators across the world. In the meantime, McGinness identifies a requirement for enhancing the level of knowledge of policymakers about blockchain technology. He plans to fill up the gap between government and blockchain to construct regulatory frameworks as we as an adequate understanding regarding the space.
Binance’ cooperation with Regulators
Numerous resources are being dedicated by Binance to ensure the regulatory compliance thereof. During the last month, IRS-CI Expert was hired by the firm to be the VP of its Global-Intelligence-and-Investigations. Tigran Gambaryan, an expert, is accountable for investigations and audits dealing with criminal activity on the platform of the firm. In the same vein, the ex-Treasury CI under the US was recruited by Binance in August for reporting, tackling the money laundering, and broadening its investigative and AML programs.