Crypto exchange Binance appointed a chief regulatory liaison officer for the first time as it ramps up efforts to garner a more favorable view from financial regulators.
- Mark McGinness joins the exchange from the Dubai Financial Services Authority, where he spent 16 years as head of international relations.
- During his tenure in Dubai, McGinness helped establish a global network of over 85 regulators for the financial center, Binance said Thursday.
- He has also held advisory roles at the International Monetary Fund and the World Bank.
- The hire follows that of Richard Teng, former CEO of Abu Dhabi’s financial watchdog, to head its operations in Singapore in August.
- Binance has been looking to establish closer ties with regulators in an attempt to pivot “from a tech startup to a financial institution,” in CEO Changpeng “CZ” Zhao’s words.
- The world’s largest crypto exchange faced a wave of regulatory backlash from financial watchdogs around the world earlier this year, forcing it to take a more proactive stance with regards to compliance.
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