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Binance hires Former FATF Executives, strengthens its Regulatory Team

Binance hires Former FATF Executives, strengthens its Regulatory Team

Binance, a prominent Crypto exchange, has strengthened its regulatory team by appointing two former FATF (Financial Action Task Force) executives, Rick McDonell and Josée Nadeau, as advisors. McDonell is a former FATF Executive Secretary, while Nadeau was the Head of the Canadian delegation to the FATF. According to the reports, both will provide high-level guidance on the cryptocurrency exchange’s global compliance and regulatory strategies.

Moreover, Risk McDonnel and Josée Nadeau have significant regulatory and compliance expertise. They have great experience from their AML/CFT consultancy work with several governments and the crypto industry. They earlier worked with several global organizations. It involves the FATF, the Organization for Economic Co-operation and Development (OECD), the International Monetary Fund (IMF), the World Trade Organization (WTO) and the UNODC.

McDonnel and Nadeau will offer strategic guidance on regulatory policies, besides strengthening international AML/CFT programs and best practices. They will also perform a fundamental role in supporting Binance’s consultation and liaison with worldwide national policy and regulatory authorities. It involves matters that influence the global industry to conduct further sustainable operation and expansion of Binance.

Binance Plans to Expand in the United States

Talking about their appointment, both elucidated that the crypto industry and blockchain technology are receiving broad adoption as conventional banking organizations are opting in. Moreover, they demand improved regulations. McDonnel and Nadeau will operate with Binance to guarantee it has a world-class compliance and risk management program. Furthermore, Changpeng Zhao, the company’s CEO, also welcomed both the former FATF executives. He advocated that their integrated experience would greatly value its team. 

The announcement appears just weeks after the cryptocurrency exchange came under the CFTC probe for supposedly providing leverage trading to US consumers. The crypto exchange recently focuses on extending its services outside the Asia Pacific region, particularly in the United States, which is now under the likes of Coinbase. Binance is strategically appointing former high-level government officials to fasten its position as a profoundly regulated crypto exchange. Binance had also employed former US ambassador to China Max Baucus as its government advisor on March 11 to supervise its government relations and regulatory initiatives.

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