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Cryptocurrency exchange Binance pushes to become more regulated

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The increasing popularity of the cryptocurrency market has provided new opportunities to global stakeholders of the industry. There is a lot of room for cryptocurrency exchanges and trading platforms to enjoy an increasing interest from the consumer sector.

As the number of worldwide crypto investors continue to increase, we have seen that cryptocurrency exchanges are becoming more and more relevant. They act as a bridge between the investors and the live crypto market.

However, with more popularity comes more complications. The crypto market has enjoyed a skyrocketing market cap in recent times but it has also suffered from more regulatory attacks in several countries. Many states have passed bills and laws in a bid to regulate the use of crypto.

At the same time, these lawmakers have expressed their reservations and concerns over the increasing role and influence of cryptocurrency exchanges. Therefore, exchanges like Binance and Coinbase have suffered major blows in the crypto space.

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Binance announces new hirings

The international pressure has kept on increasing on platforms like Binance, in order for them to comply with the terms and policies of global regulators. As a result, Binance has recently grown its international compliance team to have a better relationship with these financial regulators.

Binance also announced the hiring of Mark McGinness as its chief regulatory liaison officer. Mark was also the former head of international relations at the Dubai Financial Services Authority (DFSA). Binance announced his hiring on Thursday, and stated that Mark will contribute to the company’s efforts of having better relations with worldwide regulatory bodies.

Mark McGinness is the latest addition to the team of experts in regulatory compliance and engagement with financial regulators at Binance. This shows that Binance has been seriously impacted by the regulatory backlash it received in several countries, including China, England, and Australia. Therefore, individuals like Mark have a lot to offer to the leading global cryptocurrency exchange.

The CEO of Binance Changpeng Zhao complimented Mark’s three decades worth of experience in the field, and termed his hiring as ‘a huge step forward’ for the organization. Moreover, Mark himself was quite adamant on bringing about the desired change in the company.

Binance has lately been forced to discontinue its various features and trading services around the world. The leading exchange was subjected to scrutiny from regulators and state agencies over the issue around its licensing agreements.

However, these recent developments show that the exchange is continuing to push to become more regulated so that it can be used actively around the world.

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