Binance Creates Global Advisory Board to Tackle Regulatory Challenges

An international group of experts with extensive background in public and corporate governance will advise global cryptocurrency exchange Binance on regulation. The move is an indication of Binance’s focus on compliance and collaboration with regulators, according to its management.

Binance, the world’s leading digital asset exchange in terms of trading volume, has established a Global Advisory Board. The body is comprised of “distinguished experts in public policy, government, finance, economics, and corporate governance,” the coin trading platform said in a press release.

The board’s main task will be to advise Binance on how to deal with the most complex regulatory, political, and social issues that the whole crypto industry is facing as it expands and evolves, the exchange explained.

The Global Advisory Board, chaired by former U.S. Senator and Ambassador to China Max Baucus, has recently convened in Paris, France. Its members come from all corners of the globe, including Europe, Africa, and South America.

Among them are Bruno Bézard, former head of the French Treasury and government advisor, Hyung-rin Bang, advisor of the Korea Presidential Committee and former executive at Samsung and Hyundai, and Henrique de Campos Meirelles, former president of the central bank and economy minister of Brazil.

Binance has been at the forefront of pioneering the world of crypto, blockchain, and Web3 in the past five years, the company’s founder and CEO Changpeng Zhao (CZ) said in a statement. During that time, its team has tackled complex issues no one even knew existed, he noted, and emphasized:

We’ve maintained our focus throughout on delivering compliance solutions that protect the interests of crypto users, while keeping a brisk pace of socially-beneficial innovation.

The new advisory board represents the next big step forward in Binance’s journey to share the benefits of modern finance and the blockchain with the world, the chief executive elaborated. “Of all the technologies with the potential to create positive disruption, the world of crypto, blockchain, and Web3 is among the most exciting and the most promising,” Max Baucus added.

CZ also emphasized that with the Global Advisory Board, Binance is increasing its ability to manage regulatory complexity by tapping into the expertise of its members. He described its establishment as a testament to Binance’s focus on compliance, transparency, and collaborative relationships with regulators around the world.

The board’s announcement comes after earlier this week Zhao indicated that the largest crypto exchange wants “to go global by playing locally in multiple markets.” The CEO said that in Bucharest, where he revealed the company is opening a Romanian office and launching Romanian-language support service as part of plans for further expansion into Eastern Europe.

Do you think the new advisory board will help Binance to better navigate crypto regulation in the markets where it operates? Share your expectations in the comments section below.