Binance hires Mark McGinness, the former head of international relations at the Dubai Financial Services Authority (DFSA), to become its chief regulatory liaison officer.
McGinness will assist in Binance’s effort for stronger ties with regulatory agencies around the world, according to an announcement released on Thursday.
McGinness is the newest addition to the Binance team, and he has experience with regulatory compliance and engagement with financial regulators.
McGinness was previously the head of foreign relations at the Australian Securities and Investment Commission before joining the DFSA. The former DFSA CEO has also served on the International Monetary Fund’s advisory board.
McGinness told Cointelegraph that he hopes to use the experiences and relationships he’s built over the course of his career to improving Binance’s status with authorities, adding:
“I am looking forward to bringing this experience to Binance where I shall be working with these industry leaders and policymakers to assist not only in setting best practice and regulatory frameworks but also in broadening their understanding of the blockchain and crypto industry.”
Changpeng Zhao, the company’s CEO, highlighted McGinness’ 30 years of experience dealing with regulators and other politicians around the world when discussing his appointment to the Binance compliance team.
McGinness’ appointment, according to Zhao, is a “big step forward” for Binance, especially as the company seeks to negotiate a more stringent crypto regulatory environment.
Binance has been compelled to stop offering many crypto trading services in many jurisdictions around the world, as previously reported.
Binance halted fiat deposits and spot crypto trading services for Singapore consumers in September. In Australia, the platform has likewise stopped selling crypto futures trading.
State regulators continue to scrutinize the trading giant, with many claiming Binance is not licensed to operate in their jurisdictions.
Binance, according to McGinness, is committed to the industry for the long term and wants to build a “sustainable ecosystem around blockchain technology.”
“In addition to localizing our operations and business to comply with local regulations, We are striving for productive dialogue with regulators so that we can formulate best practices and regulations that are for the long-term benefit of all participants,” McGinness says.
Binance was rumoured to be relocating its headquarters to Ireland earlier this month. Critics have accused the exchange of “globe-trotting,” claiming that the platform’s actions are evidence of attempts to skirt regulatory regulations.