Cryptocurrency exchange Binance hired former Kraken compliance chief Steven Christie in May as senior vice president of compliance to lead its global compliance team. The Wall Street newspaper reported September 23.
Binance CEO Changpeng Zhao (CZ) said it is looking to hire more compliance experts in the near future.
Christie left her position at Binance Kraken’s rival platform to join Binance as the new Senior Vice President of Compliance. Currently, Christie leads a team of 750 people, including the cyber investigation team.
CZ retweeted the WSJ article on his personal Twitter account on Sept. 23 and claimed that the exchange was looking to hire more people to work on its compliance team.
Steve joined us a few months ago. I’m still planning on hiring a few hundred more people for compliance. Please apply on our homepage. https://t.co/r0mihBosck
– CZ 🔶 Binance (@cz_binance) September 23, 2022
On the other hand, Kraken said he was looking to hire a new compliance chief on Sept. 21. The exchange said the relevant job posting would be posted in the coming weeks.
Binance is strong on compliance
The stock exchange giant announced the launch of its new Global Advisory Board (GAB) on September 22.
Binance said the GAB was set up to promote responsible crypto regulations by interacting with lawmakers around the world. Board members vary in expertise. It includes prominent figures in the economy and business and a former US senator.
The GAB team will focus on Binance’s advice on complex regulatory and policy issues related to cryptocurrencies. Changpeng Zhao described the GAB mission saying:
“With the [board]we are enhancing our ability to manage regulatory complexity by drawing on the highest level of expertise available in the world ”.
Binance on regulations
Zhao closely followed the news on the regulatory side while strengthening Binance’s compliance arm.
On September 14, Zhao commented on the regulatory framework proposed by the Market in Crypto Assets (MiCA) in Europe and described it as a “fantastic” draft.
According to Zhao, MiCA’s proposal had the potential to become a global standard for other regulators to copy. The only concern he has raised about the framework is that he has rejected the adoption of USD-based stablecoins, which have about 75% market liquidity.
The exchange is also playing an active role in the Philippines regarding cryptocurrency regulations in the region. It was revealed that Binance was helping the Philippine government prepare cryptocurrency regulations.
On August 24, Binance met with the country’s financial regulators and lawmakers to discuss the details of upcoming cryptocurrency regulations.
This meeting took place a month after the Philippines Securities and Exchange Commission warned residents to “deal” with Binance.