21 Apr Binance Hires Former FCA and FINRA Regulators to Strengthen Global Compliance Efforts
World-leading crypto exchange Binance has announced the hiring of former Financial Conduct Authority (FCA) and Financial Industry Regulatory Authority (FINRA) members to its team. The two are intended to help the exchange enhance its regulatory compliance with jurisdictions around the globe.
According to a press release shared with CryptoPotato, Steven McWhirter (FCA) will join the company as Director of Regulatory Policy. His job will be to ensure Binance meets its regulatory obligations to the best degree possible.
McWhirter’s previous position was as a policy subject matter expert, working with multiple policy groups in the UK, EU, and other countries.
Meanwhile, Seth Levy (FINRA) will be Binance’s Head of Market Surveillance, helping to surveil digital asset trading by building and implementing related infrastructure.
As Senior Director of Trading Analysis at FINRA, his team surveilled US equity markets and investigated misconduct.
The FCA is a financial regulatory body based in the United Kingdom while operating independently from the nation’s government. FINRA is a private American regulatory firm that oversees its member firms.
Binance CEO Changepeng Zhao called the addition of McWhirter and Levy a boon to both Binance and the entire crypto industry.
The hires come shortly after Binance promoted Chagri Poyraz to Global Head of Sanctions. Today, the company announced new rules limiting Russian transfers at its exchange in compliance with recent sanctions levied by the EU.
“My efforts will support Binance by ensuring that the regulatory global compliance is enhanced in tandem with crypto and blockchain innovation,” said McWhirter regarding his new position.
Levy showed enthusiasm for his role, stating that he would ensure Binance users are protected from “nefarious activity” and “bad actors”.
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