Friday, July 1

Binance continues to push to become a regulated crypto exchange with a new hire

Cryptocurrency exchange giant Binance has hired Mark McGinness, former head of international relations at the Dubai Financial Services Authority (DFSA), as its regulatory liaison officer.

According to an announcement issued Thursday, Binance stated that McGinness will contribute to the company’s push towards better relationships with regulatory bodies around the world.

In fact, McGinness is Binance’s latest hire with expertise in regulatory compliance and engagement with financial regulators.

Prior to his tenure at DFSA, McGinness was also head of international relations at the Securities and Investments Commission of Australia.

The former DFSA executive has also held advisory positions at the International Monetary Fund.

In a conversation with Cointelegraph, McGinness stated that he plans to leverage the experiences gained and relationships cultivated during the course of his career to enhance Binance’s position with regulators, adding:

“I look forward to bringing this experience to Binance, where I will work with these industry leaders and legislators to help not only establish best practices and regulatory frameworks, but also broaden their understanding of the crypto and blockchain industry.” .

Commenting on McGinness joining Binance’s compliance team, the company’s CEO, Changpeng Zhao, identified the former DFSA executive’s 30 years of experience working with regulators and other lawmakers around the world.

Zhao called McGinness’s appointment “a big step forward” for Binance, especially as the company tries to navigate a tighter crypto regulatory climate.

Related: Binance hires former IRS-CI special agent to head intelligence division

As Cointelegraph previously reported, Binance has been forced to discontinue various crypto trading services in many jurisdictions around the world.

In September, Binance blocked fiat deposits and spot crypto trading services for users in Singapore. The platform has also stopped offering crypto futures trading in Australia.

The exchange giant continues to come under significant scrutiny from state agencies, many of which say that Binance is not licensed to operate in their respective jurisdictions.

McGinness told Cointelegraph that Binance has a long-term commitment to the industry and is keen to create a “sustainable ecosystem around blockchain technology.”

“In addition to locating our operations and businesses to comply with local regulations, we strive for a productive dialogue with regulators in order to formulate best practices and regulations that are for the long-term benefit of all participants,” McGinness wrote to Cointelegraph.

In early October, reports emerged that Binance might locate its headquarters in Ireland. The exchange has been the subject of “globetrotting” allegations by critics who say the platform’s actions are indicative of attempts to circumvent regulatory provisions.