Cryptocurrency exchange Binance hired Kraken’s former head of compliance, Stephen Christie, as SVP of Compliance in May to lead its global compliance team. wall street journal report September 23rd.
Binance CEO Changpeng Zhao (CZ) said the company is considering hiring more compliance experts in the near future.
Christie has left his position at Binance’s rival platform Kraken to join Binance as the new Senior Vice President of Compliance. Christie now leads his 750-person team, which includes a cyber investigation team.
CZ retweeted WSJMore In a post on his personal Twitter account on Sept. 23, he said the exchange was considering hiring more people to work on its compliance team.
Steve joined us a few months ago. In addition, he plans to hire hundreds of compliance officers. Please apply from the homepage. https://t.co/r0mihBosck
— CZ🔶 Binance (@cz_binance) September 23, 2022
Meanwhile, Kraken said it is considering hiring a new compliance officer on Sept. 21. The exchange said relevant job ads will be posted in the coming weeks.
Binance is committed to compliance
The exchange giant has announced the launch of its new Global Advisory Board (GAB) on September 22nd.
According to Binance, GAB was created to work with lawmakers around the world to promote responsible cryptocurrency regulation. Board members have different areas of expertise. This includes a prominent economist and business leader, a former US Senator.
The GAB team will focus on advising Binance on complex regulatory and political crypto-related issues. Changpeng Zhao describes GAB’s mission as follows:
“with [board], has significantly enhanced its ability to manage regulatory complexity by leveraging the highest level of expertise available globally. “
Regulatory Binance
Zhao has been closely following regulatory news while strengthening Binance’s compliance department.
MiCA Framework
On Sept. 14, Zhao commented on the regulatory framework proposed by the European Market in Crypto Assets (MiCA), describing it as a “great” draft.
According to Zhao, MiCA’s proposal had the potential to become a global standard that other regulators would copy. The only concern he raised about the framework was its refusal to adopt a USD-based stablecoin with around 75% liquidity in the market.
Philippines
The exchange is also playing an active role in the Philippines regarding local crypto regulation. Binance has revealed that it helped the Philippine government prepare for cryptocurrency regulation.
On August 24th, Binance met with the country’s financial watchdog and lawmakers to discuss the details of upcoming cryptocurrency regulation.
The meeting comes a month after the Philippine Securities and Exchange Commission warned residents about a “deal” with Binance.
