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Amid the weight of regulatory scrutiny, Binance continues to grow its international compliance team for better relations with financial regulators.
Crypto exchange giant Binance has hired Mark McGinness, former head of international relations at the Dubai Financial Services Authority (DFSA), as its chief regulatory liaison officer.
According to an announcement issued on Thursday, Binance stated that McGinness will contribute to the companyās push toward better relations with regulatory bodies across the globe.
Indeed, McGinness is the latest Binance hire with expertise in regulatory compliance and engagement with financial regulators.
Before his stint with the DFSA, McGinness was also the head of international relations at the Australian Securities and Investment Commission.
The former DFSA executive has also held advisory positions at the International Monetary Fund.
In a conversation with Cointelegraph, McGinness stated that he plans to leverage the experiences gained and relationships cultivated during the course of his career to improving Binanceās standing with regulators, adding:
āI am looking forward to bringing this experience to Binance where I shall be working with these industry leaders and policymakers to assist not only in setting best practice and regulatory frameworks but also in broadening their understanding of the blockchain and crypto industry.ā
Commenting on McGinness joining the Binance compliance team, the companyās CEO, Changpeng Zhao, identified the former DFSA executiveās 30 years of experience working with regulators and other policymakers around the world.
Zhao called McGinnessā appointment āa huge step forwardā for Binance, especially as the business tries to navigate a stricter crypto regulatory climate.
Related: Binance hires former IRS-CI special agent to head intelligence division
As previously reported by Cointelegraph, Binance has been forced to discontinue several crypto trading services in many jurisdictions around the world.
In September, BinanceĀ blocked fiat deposits and spot crypto trading services for users in Singapore. The platform has also stopped offering crypto futures trading in Australia.
The exchange giant continues to be the subject of significant scrutiny from state agencies, many of which say Binance is not licensed to operate in their respective jurisdictions.
McGinness told Cointelegraph that Binance maintains a long-term commitment to the industry and is keen to create a āsustainable ecosystem around blockchain technology.ā
āIn addition to localizing our operations and business to comply with local regulations, we are striving for productive dialogue with regulators so that we can formulate best practices and regulations that are for the long-term benefit of all participants,ā McGinness wrote to Cointelegraph.
Earlier in October, reports emerged that BinanceĀ may situate its headquarters in Ireland. The exchange has been the subject of āglobe-trottingā accusations by critics who say the platformās actions are indicative of attempts to circumvent regulatory provisions.
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