According to The Wall Street Journal, Binance hired Kraken’s former chief of compliance Steven Christie as senior vice president of compliance in May to lead its global compliance team.
Binance CEO Changpeng Zhao (CZ) recently stated that he plans to hire more compliance experts in the near future.
Christie left Binance’s rival platform Kraken to become the company’s new senior vice president of compliance. Christie currently leads a team of 750 people, which includes the cyber investigations team.
On September 23, CZ retweeted the WSJ article on his personal Twitter account and stated that the exchange was looking to hire more people for its compliance team.
Steve joined us a few months ago. Still planning to hire a few hundred more compliance people. Please apply on our homepage. https://t.co/r0mihBosck
— CZ ???? BNB (@cz_binance) September 23, 2022
Kraken, on the other hand, announced plans to hire a new chief of compliance on September 21. The relevant job ad would be posted in the coming weeks, according to the exchange.
Binance is stepping up its compliance efforts
On September 22, the exchange giant announced the formation of a new Global Advisory Board (GAB).
Binance stated that the GAB was formed to promote responsible crypto regulations by engaging with lawmakers worldwide.
The expertise of the board members varies. It includes prominent economists and business leaders, as well as a former U.S. senator.
The GAB team will advise Binance on complex regulatory and political crypto-related issues. Changpeng Zhao described the GAB mission as follows:
“With the [board], we’re supercharging our ability to manage regulatory complexity by tapping into the highest level of expertise available in the world.”
Regulation Governing
Zhao has been closely following regulatory developments while strengthening Binance’s compliance branch.
Framework for MiCA
On September 14, Zhao commented on Europe’s Market in Crypto Assets (MiCA) regulatory framework, calling it a “fantastic” draft.
MiCA’s proposal, according to Zhao, has the potential to become a global standard for other regulators to follow. The only issue he had with the framework was that it forbade the use of USD-based stable coins, which have around 75% market liquidity.
To read our blog on “Binance will stop support for USDC & other stablecoins on Sept.29,” click here
