Binance has appointed Mark McGinness as its chief regulatory liaison officer. McGinness was previously the head of international relations at the Dubai Financial Services Authority (DFSA).
In fact, McGinness will help Binance improve its relationships with regulatory agencies throughout the world, according to a statement released on Thursday by the business.
McGinness, who has experience with regulatory compliance and contact with financial authorities, is the most recent addition to the Binance team.
McGinness formerly worked for the Australian Securities and Investment Commission as the head of foreign relations.
The former DFSA executive also served on the International Monetary Fund’s advisory board.
McGinness indicated that he intends to use his professional expertise and contacts to improve Binance’s regulatory position. He elaborated:
“I’m excited to bring this knowledge and expertise to Binance. Where I’ll be collaborating with these industry experts and politicians. In order to help them create best practices and regulatory frameworks. As well, also extend their awareness of the blockchain and crypto industries.”
McGinness’ hiring is a “big step forward”
McGinness’s 30 years of expertise dealing with regulators and other officials across the world highlighted by Binance’s CEO, Changpeng Zhao. In a statement on the former DFSA officer joining the company’s compliance team.
McGinness’ hiring, according to Zhao, is a “big step forward” for Binance. Particularly as the company navigates a more stringent crypto regulatory environment.
Binance had to shut down various cryptocurrency trading services in a number of jurisdictions across the world, as previously reported.
Binance stopped accepting fiat deposits and providing spot crypto trading services to Singapore residents in September. In Australia, the site no longer allows users to trade crypto futures.
State regulators are continuing to scrutinise Binance. With several claiming that the exchange is not permitted to operate in their territories.
Binance, according to McGinness, is committed to the sector for the long run and wants to build a “sustainable ecosystem around blockchain technology.”
“We are looking for fruitful engagement with authorities so that we can develop best practises and rules for the long-term benefit of all parties,” McGinness stated.
Binance’s headquarters may be based in Ireland, according to rumours from earlier this month. Critics have accused the exchange of “globe-trotting,” claiming that its acts are symptomatic of attempts to skirt regulatory requirements.