Binance Hires Mark McGinness as Chief Regulatory Liaison Officer

Binance Hires Mark McGinness as Chief Regulatory Liaison Officer

Binance – the world’s largest cryptocurrency exchange – recently hired Mark McGinness as Chief Regulatory Liason Officer. McGinness is the former Head of International Relations at the Dubai Financial Services Authority (DFSA).

How McGinness helps Binance

According to a press release dated . was sharedCryptoPotato, the hiring is part of Binance's efforts to better cooperate with regulators. They've made a lot of recent hires for similar purposes and have expanded their compliance team by over 500% since 2020.

At DFSA, McGinness was responsible for expanding the group's regulatory network and entering into memorandums of understanding. He served as Chief Decision Maker for the DFSA on matters submitted by its Enforcement Division.

McGinness was also Head of International Relations at the Australian Securities and Investments Commission (ASIC). There he served as an advisor to the Chairman of ASIC on international engagement and global standard setting. The official even held advisory positions for the International Monetary Fund and the World Bank.

Binance CEO Changpeng Zhao said McGinness's help will be crucial to the exchange's engagement with policymakers.

"Mark is one of the industry's most respected regulators and compliance experts. He brings over 30 years of invaluable experience working with key stakeholders in the financial services industry. Mark's addition to our leadership is a major step forward not only for Binance, but for the entire industry as we work to responsibly grow the industry with the support of regulators and policymakers around the world."

In the meantime. McGinness recognizes the need for a better understanding of blockchain technology among policymakers. He intends to “bridge the gap between blockchain and government” to create regulatory frameworks and a better understanding of the space.

Binance cooperates with regulatory authorities

Binance dedicates enormous resources to ensure regulatory compliance. Last month, the exchange rented IRS CI expert as VP of Global Intelligence and Investigations. The expert – Tigran Gambaryan – is responsible for audits and investigations related to criminal activities on the company’s platform.

Likewise Binance recruited a former U.S. Treasury Department in August to report and combat money laundering and expand its AML and investigative programs.

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