The largest cryptocurrency exchange in the world, Binance, has hired the former head of international relations from Dubai’s financial authorities. Mark McGinness, the former head of international relations, will mainly deal with the regulation of the crypto exchange.
Improving Reputation Binance
McGinness will also focus on the company’s global relationships. McGinness reportedly has extensive experience in this field, as he is also head of international relations at the Australian Securities and Investment Commission. He will reportedly want to use this experience to improve Binance’s reputation with regulators. About this he says the following:
“I look forward to bringing this experience to Binance, where I will work with these industry leaders and policymakers to help not only establish best practices and regulatory frameworks, but also broaden their understanding of the blockchain and regulatory environment. crypto industry.”
Termination of trading opportunities on platform
Binance is currently being forced to shut down various crypto-related trading services almost worldwide. Examples include stopping crypto futures trading in Australia and blocking fiat deposits in Singapore. The main reason for this is that Binance would not be licensed to operate in different countries. However, whether this is actually the case is still being investigated, as various government agencies are investigating this.
According to McGinness, Binance plans to develop a sustainable ecosystem around blockchain technology. In doing so, the crypto company maintains a long-term commitment to the industry. To this he adds the following:
“In addition to locating our operations and operations to comply with local regulations, we strive to have a productive dialogue with regulators so that we can formulate best practices and regulations that will benefit all participants in the long term.”