Mark Weaden
One of the leading cryptocurrency exchanges Binance hires a former US Treasury criminal investigator as part of its new regulatory ambitions.
Given the new global regulatory standards that governments are setting with regard to cryptocurrency, Binance is one of many major companies in the industry adjusting to the new landscape. As part of that adjustment, Binance came out and said it would be hiring a whole new team to ensure they meet the standards required by each country.
The latest from Binance is the hiring of the former U.S. Treasury criminal investigator as its global money laundering reporting officer, as Binance attempts to remodel itself as a regulated financial firm.
Fresh Regulatory Pressure
Governments and regulatory watchdogs have been forced to open their eyes to what is happening in the cryptocurrency industry. As the mainstream adoption of cryptocurrency continues, there must be closer attention paid to the way money is being moved in digital assets.
Many companies, no less Binance, have flourished during these unregulated times. We saw an outright ban on the use of Binance services in the UK, with banks like Barclays backing them and blocking direct payments to Binance addresses.
Binance chief executive Changpeng Zhao stated that the company would be educating users on how they can trade safely, as well as what the best ways are to invest in the long term. For many users, they are just chasing the hype, so Zhao wants to give back to the community through a series of educational programs.
The hiring of new staff will take place across the globe, as Binance is tasked with ensuring they meet the standards of law enforcement and regulatory bodies worldwide. This will be one of much new staff joining the crypto giants.
We also heard from Binance that it has grown its international compliance team and advisory board by 500% since 2020. In an attempt to appease relationships with governments in the UK, Italy, and elsewhere, Binance will continue to bring in big names to rebrand itself as a company with legitimate solid foundations.
