The crypto ecosystem surpassed 3 trillion dollars in terms of market capitalization and blockchain-based applications such as DeFi, garnering interest from retail and institutional investors. This was also accompanied by scrutiny and regulations as regulatory bodies around the world sought clarity about the rapidly growing industry.
Binance, being one of the industry leaders, rose to the challenge and fill in the grey area by highlighting the importance of regulation and compliance for the overall growth of the industry. The platform believes in a user-first approach and welcomed the increasing involvement and actions from regulatory bodies and governments with the shared goal of prioritizing the user’s best interests.
Regulatory policy revamp
Staying true to its mission of compliance, Binance recently hired Steven McWhirter as its Director of Regulatory Policy. Steven McWhirter worked in the Financial Conduct Authority (FCA) and has been a part of the financial services and regulation industry for over 20 years. At Binance, he would oversee a world-class regulatory policy team and ensure that the platform meets regulatory obligations to the highest standards while also developing a sustainable regulatory framework.
McWhirter commented on his vision for future endeavors and stated that “My efforts will support Binance by ensuring that the regulatory global compliance is enhanced in tandem with crypto and blockchain innovation. Leading Binance’s regulatory policy team will allow me to leverage my experience as a former conduct regulator to create a sustainable crypto ecosystem with consumer protection and market integrity at its heart.”
Steven previously worked on Data, Technology, and Innovation Division as the Strategy and Engagement manager in FCA. He contributed in the making of FCA’s crypto guidance and led working groups that focused on the UK, EU, and other countries.
Market surveillance efforts
The platform also hired Seth Levy as its Head of Market Surveillance recently. Seth formerly worked for Citadel LLC and Financial Industry Regulatory Authority and has over 20 years of industry expertise. In his most recent role, he worked as the Global Head of Market Surveillance at Citadel and Citadel Securities, where he was responsible for designing, scaling, and managing global surveillance functions across all financial instruments.
Before that, he worked for the Financial Industry Regulatory Authority (FINRA) for 16 years, wherein his last role he was the Senior Director of Trading Analysis within the Market Regulation Department.
He will oversee Binance’s efforts to build and implement a surveillance infrastructure and system that is tailored to address risks associated with trading digital assets around the world. Seth said, “I’m really looking forward to working with the team to extend Binance’s already excellent surveillance capabilities to the next level. Our goal is to ensure that Binance users are protected from any form of nefarious activity or bad actors.”
Maintaining global sanction compliance
In order to further its mission of meeting and maintaining full sanction compliance around the world while also building robust sanctions control frameworks that are similar to traditional banks, Binance also promoted Chagri Poyraz, their Director of Sanctions Compliance to the Global Head of Sanctions.
Chagri Poyraz has 17 years of compliance, strategy, risk management, and intergovernmental liaison experience. He commented on his appointment and stated “Global security takes a concerted effort. For more than a decade I have been strategizing collaborative programs that can effectively navigate complex sanctions regimes. Digital assets hold great potential and their adoption means we must come together to ensure resiliency against old and new threats. I am proud to join and contribute my experience to an organization that is setting industry compliance standards and my goal is to apply and transform my experiences in the traditional financial sector to the future of finance…blockchain.”
Chagri led the Anti-Money Laundering and Sanctions program at South Korea’s largest online marketplace Coupang. There, he worked on various aspects such as third-party risk management, onboarding, KYC, Customer due diligence, and sanctions compliance.
Conclusion
Binance has been consistent in its efforts to ensure compliance and protection of its users globally. Some of the major steps taken by the platform over the past few years include joining the National Cyber-Forensics and Training Alliance, fighting fraud and taking down cybercriminals, their tax reporting API tool, and also implementing a law enforcement request system.
The platform is also the first cryptocurrency exchange that has a secure fund in order to safeguard users in extreme cases called the SAFU or Secure Asset Fund for Users valued at $1 billion.
For more information on Binance, please check out their official website.
Disclaimer: This is a paid post and should not be treated as news/advice.
Source: https://ambcrypto.com/binance-continues-efforts-to-build-a-safe-and-secure-crypto-ecosystem/