Binance is developing a new global advisory board to assist the crypto exchange''s financial regulation. Ex-US Senator Max Baucus has joined Binance last year as its policy and government relations officer. This is a shift for Binance, which previously was less flexible to adjust to regulatory measures such as anti-money laundering regulations.
While making Max Baucus'' first appointment last year, the company said Baucus would focus on providing high-level guidance on governance and regulatory efforts. Based on his academic background as a former US Senator for Montana and member of the Democratic Party, the exchange wanted him to establish strong relationships with US authorities and regulators. Binance also said his policy advice and guidance would include actions that affect the global industry.
Bruno Bezard, a former head of the French Treasury and former economic advisor to Prime Minister Boris Bowielfo, is among the others, including Henrique de Campos Meirelles, a Brazilian former minister of the economy, and former European Commissioner David Wright.
"This collaboration expresses our commitment to compliance, transparency, and ensuring a collaborative and trusting relationship with the world''s regulatory regulators," Changpeng Zhao, Binance''s founder and CEO, wrote in a tweet on Thursday to announce the new board.
Binance wrote in his official statement that introduced the Global Advisory Board: "We accept the responsibility to lead the industry from the start and support regulators as they seek to establish a global regulatory and compliance framework for the industry. The correct regulations will foster continued technological innovation."
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"They will preserve crypto''s fundamental value propositions of freedom and empowerment while ensuring adequate guardrails are in place that provide consumer protection." The Binance GAB (global advisory board) will assist us to continue to demonstrate to the world exactly what our organization is capable of and set a shining example for the blockchain industry."