Will Binance combat the massive regulatory pressure?

The regulatory pressure on Binance has been increasing every day, and it is doing everything to combat it. The crypto giant has been forced to halt its several crypto services by various governments around the world. In September, it had to block all fiat deposits and spot trading services for users in Singapore, after which it also stopped its crypto futures services in Australia.

Recently, it has had to stop all its crypto derivative offerings for South Africa amidst heavy regulatory pressure. Binance continues to be the subject of extreme scrutiny from governments. Many even claim that it is not licensed to continue the services in their countries.

On August 21, it announced that it would be asking for stricter background checks against money laundering. This came after weeks of huge pressure by regulatory bodies internationally.

The platform had faced quite a number of warnings and business curbs from Japan, Britain, and Germany. These governments are concerned about the use of crypto in money laundering.

Binance appoints new Chief regulatory liaison officer

The exchange giant Binance continues its efforts to become a regulated crypto exchange. Recently it announced the hiring of Mark McGinness, former head of international relations at the Dubai Financial Services Authority (DFSA), as its new Chief regulatory liaison officer.

Binance, in Thursday’s announcement, said that McGinness would help the company to make better relationships with the regulatory authorities of different countries.

Zhao believes that it is “a huge step forward” for the company amidst the extreme regulatory pressure situation.

The CEO of Binance was to turn the exchange into a recognized financial institution. With the help of the new talents that Binance is taking in, it seems that the regulatory pressure will be countered by Binance, although Binance will have to agree to specific stipulations. The CEO claims that this rising pressure is indeed a good signal and that the company is heading in the right direction.