TL;DR Breakdown
- Binance exchange makes another regulatory appointment to tackle compliance deficit.
- Zhao passes vote of confidence on McGinness, Binance newregulatory officer.
Amidst its many regulatory debacles, Binance exchange has taken another step to enhance its compliance effort. The exchange hired compliance expert Mark McGinness as its Chief Regulatory Liason Officer.
McGinness was the former Head of International Relations at the Dubai Financial Services Authority (DFSA).
According to a Friday Press release by Binance Exchange, the hire is part of Binance’s effort to better cooperation with regulators. They’ve made many recent hires for similar purposes, expanding their compliance team by over 500 percent since 2020.
How McGinness appoint would help Binance exchange
In his former role at DFSA, Binance new regulatory liaison officer ensured the expansion of the Dubai authority network and settling memoranda of understanding. He was Chief Decision Maker for the DFSA on matters referred by its Enforcement division.
McGinness was also Head of International Relations for the Australian Securities and Investments Commission (ASIC). There, he served as an advisor to ASIC’s chairman on international engagement and global standard-setting. The Officer has even held advisory positions for the International Monetary Fund and World Bank.
According to Binance Exchange, his hire is part of effort to better cooperate with regulators. They’ve made many recent hires for similar purposes, expanding its compliance team. Changpeng Zhao, Binance CEO, said that McGinness would be instrumental to the exchange’s cooperation with policymakers.
“Mark is one of the most respected regulators and compliance experts in the industry. He brings with him over 30 years of invaluable experience working alongside key stakeholders in the financial services industry. Mark joining our leadership is not only a huge step forward for Binance, but the industry as a whole, as we work to grow the industry responsibly with the support of regulators and policymakers across the globe, Zhao said.
