Former director of the Dubai Financial Services Authority (DFSA), Mark McGinnness, joined cryptocurrency exchange Binance as head of regulatory affairs. ForkLog said in a statement.<\/p>\n
According to the press release, McGinnness has more than three decades of experience as a leading financial services regulator. At the DFSA, he led efforts to foster international cooperation, and served as the chief decision officer.<\/p>\n
Before moving to the DFSA, McGinnness led the International Relations Department at the Australian Securities and Investments Commission. He also advised the International Monetary Fund and the World Bank.<\/p>\n
In a statement, McGinnness noted that amid rapid adoption of blockchain technology and the spread of cryptocurrencies there is a need for governments and regulators to gain a deeper understanding of the industry.<\/p>\n
\n“I strive to bridge this gap to create a leading regulatory framework,” he said.<\/p>\n<\/blockquote>\n
The hire comes amid a string of regulatory challenges Binance has faced in recent months. Financial regulators in several countries, including the United Kingdom<\/a>, the Netherlands<\/a>, Italy<\/a>, Poland<\/a>, Japan<\/a>, Thailand<\/a>, Hong Kong<\/a>, Singapore<\/a>, South Africa<\/a> and a number of others, issued warnings to investors about the company’s activities.<\/p>\n
Against this backdrop, Binance CEO Changpeng Zhao published an open letter, in which he outlined the exchange’s plans for regulatory compliance and customer protection.<\/p>\n
In August, the company introduced mandatory user verification and invited former U.S. Treasury investigator Greg Monahan to the role of AML officer.<\/p>\n
In September, former Europol specialist on the dark net Nils Andresen-Read joined Binance’s security team.<\/p>\n
Earlier in the month, the platform hired former IRS special agent Tigran Gambaryan as vice president of global intelligence and investigations.<\/p>\n
In October, Binance’s U.S. unit president Brian Schroeder took the post of chief executive of the subsidiary, replacing Brian Brooks.<\/p>\n
Follow ForkLog’s Bitcoin news on our Telegram \u2014 crypto news, prices, and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"
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