Binance Employs Former FATF Executives to Bolster Regulatory and Compliance Practices

Binance Employs Former FATF Executives to Bolster Regulatory and Compliance Practices

The world’s largest cryptocurrency exchange, Binance, has announced that it will be hiring two former Financial Action Task Force (FATF) members to bolster its compliance and regulatory arm. The latest to the organization are Rick McDonell and Josee Nadeau.

The exchange noted in a press release earlier today that it aims to improve its AML and CFT practices and build a better relationship with law enforcement and regulatory agencies across the globe.

Rick McDonell is the former Financial Action Task Force (FATF) Executive Secretary and Executive Director to the Association of Certified Anti-Money Laundering Specialists (ACAMS). Meanwhile, Josee Nadeau is the former Head of the Canadian delegation to the FATF. Binance noted that their roles in the company would be structured around providing “high-level guidance on the organization’s global compliance and regulatory strategies.”

The company also highlighted that the newly added team members would get tasked with a “key role in supporting Binance’s consultation and liaison with global and national policy and regulatory authorities on issues that affect the global industry to further guide sustainable operation and growth.”

 

Blockchain and Cryptocurrency Industry Now Mainstream
The new enlists commented on the appointment, noting that the cryptocurrency industry and blockchain technology are becoming more mainstream than before, as even traditional financial institutions are justling to get involved with the new technology. That said, the industry requires a more stringent approach to regulations, which is where McDonell and Nadeau come in for Binance to “ensure it has a world-class compliance and risk management program.”

The CEO of the company, Changpeng Zhao, welcomed the new executives to Binance and stated that their combined experience and expertise “will be of immense value to our team as we look to grow Binance and the industry in a sustainable manner.”

The fourth-largest cryptocurrency has been aggressively bullish over the past few months, which resulted in several record highs. According to a recent report, the daily trading volume on Binance futures has exceeded $100 billion, a new all-time high.

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.