Binance is setting up a new global advisory board to help the crypto exchange’s financial regulation. The global advisory board that Binance is creating consists of ex-top government officials and financial experts. The board of 10 is led by former US Senator Max Baucus, who joined Binance last year as its policy and government relations officer. Fully embracing regulation is a shift for Binance, which previously was slower to adjust to regulatory measures such as anti-money laundering norms and know-your-customer regulations.
While announcing the appointment of Max Baucus last year, the company said Baucus would focus on providing high-level guidance on governance and regulatory efforts. Based on his experience as a former US Senator for Montana and member of the Democratic Party, the exchange wanted him to build strong relations with US authorities and regulators. Additionally, Binance noted that his guidance and policy advice role would include decisions that affect the global industry.
Other prominent members include Bruno Bezard, former head of the French Treasury and former economic advisor to the prime minister; Henrique de Campos Meirelles, a Brazilian former minister of the economy; and former European Commissioner David Wright.
“This collaboration highlights our commitment to compliance, transparency and ensuring a collaborative, trusting relationship with the world’s regulators,” Changpeng Zhao, Binance’s founder and CEO, wrote in a tweet on Thursday to announce the new board.
In the official announcement that introduced the Global Advisory Board, Binance wrote, “We embrace the responsibility to lead the industry from the front and support regulators as they seek to establish a global regulatory and compliance framework for the industry. The right regulations will foster continued technological innovation.”
“They will preserve crypto’s fundamental value propositions of freedom and empowerment while ensuring the right guardrails are in place that provides consumer protection. The Binance GAB [global advisory board] will help us to continue to demonstrate to the world exactly what our organisation is capable of and set a shining example for the blockchain industry.”