Binance welcomes first Chief Regulatory Liaison Officer

Binance, the biggest crypto exchange in the world by volume, has been on a roll this year. With the recent developments in Binance.US, which included a new CEO and CFO appointment, the parent company welcomes its first Chief Regulatory Liaison Officer, Mark McGinness.

The reason behind this recent appointment is simple, Binance wants to pick up speed and impress as many regulatory authorities as possible. This is because the exchange has been attracting a lot of regulatory pressure these days and is trying to survive the pressure. 

Mark McGinness earlier was the head of international relations at Dubai Financial Services Authority. This position of responsibility was held by McGinness for around 16 years, as he finally joined Binance as the Chief Regulatory Liaison Officer. 

Binance’s new Chief Regulatory Liaison Officer to bring in his experience

Mark McGinness’s experience in dealing with authorities can be a huge deal for Binance. Further commenting on the new appointment, the exchange mentioned that McGinness was the person responsible for establishing a network of 85 regulators for the Dubai Financial Services Authority.

Some other impressive roles involve Mark working with International Monetary Fund and the World Bank as an advisor. Such a commendable reputation might actually benefit Binance in the near future. 

Regulations and exchanges

Cryptocurrency exchanges are currently going through a tough period as the regulatory pressure is increasing from the governments of several nations. While China has completely banned crypto-related activities, Binance had to force shut its stock tokens too. 

Furthermore, CEO Changpeng “CZ” Zhao wants to transform the platform from a normal tech startup to a leading financial institution in the coming days. It seems that Mark McGinness will be the key to this vision of the CEO of Binance. 

Due to the increase in regulatory pressure, the authorities in the US are currently looking into the activities of Binance, whereas a continuous surge in money laundering has brought trouble for major cryptocurrency exchanges as well.