Binance has hired Mark McGuinness, a former employee of the Dubai regulator, as its head of regulatory affairs.
Previously, Mark McGinness served as Head of International Relations Development at the Dubai Financial Conduct Authority (DFSA). McGuinness also served as Director of International Relations Development at the Australian Securities and Investments Commission (ASIC). In addition, he worked as a consultant for the International Monetary Fund (IMF). How
reported McGuinness to Cointelegraph, he has extensive experience in regulatory compliance and will use his skills to improve Binance’s communications with regulators around the world.
“I am looking forward to bringing my experience to Binance. I will interact with industry leaders and policymakers, and my responsibilities will go beyond creating a regulatory framework. We intend to broaden the understanding of blockchain and cryptocurrencies across departments, ”McGuinness said.
He also stated the need for a productive dialogue with regulators, as this will help formulate rules for the supervision of cryptocurrencies, which will take into account the interests of all market participants. Binance CEO Changpeng Zhao commented on McGuinness’s recruitment to the exchange team, calling it a “huge step forward” for Binance given the exchange’s strained relationship with regulators.
So, in early October, Binance was forced to stop trading derivatives in South Africa, and in September, the site restricted trading with fiat currencies for users from Singapore. In addition, Binance recently closed crypto futures and options trading for Australia. All of these restrictions are driven by Binance’s commitment to comply with local regulations.
Zhao said last week that Binance is ready to open several headquarters to build relationships with regulators, one of which will be in Ireland.
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