The cryptocurrency ecosystem has caught the attention of retail and institutional investors with over $3 trillion in market cap and blockchain-based applications like DeFi. This has also been accompanied by scrutiny and regulation as regulators around the world seek clarity in a fast-growing industry.
Binance, one of the industry leaders, took on the challenge and filled the gray area by emphasizing the importance of regulatory and regulatory compliance for the overall growth of the industry. The platform believes in a user-first approach and welcomes increasing participation and action from regulators and governments with the shared goal of putting the best interests of users first.
Regulatory Policy Reorganization
In keeping with its compliance mission, Binance recently hired Steven McWhirter as its Director of Regulatory Policy. Steven McWhirter has worked for the Financial Conduct Authority (FCA) and has been a member of the financial services and regulatory industry for over 20 years. At Binance, he will oversee a world-class regulatory policy team and ensure that the platform meets regulatory obligations to the highest standards while developing a sustainable regulatory framework.
Commenting on his vision for future endeavors, McWhirter commented, “My efforts will support Binance by enabling better global regulatory compliance along with crypto and blockchain innovations. As leading Binance’s regulatory policy team, I We can leverage our experience to create a sustainable crypto ecosystem with consumer protection and market integrity at the core.”
Steven previously served as Strategy and Engagement Manager at FCA in the Data, Technology and Innovation departments. He contributed to the creation of the FCA’s Cryptographic Guidelines and led a working group focusing on the UK, EU and other countries.
market surveillance efforts
The platform also recently hired Seth Levy as head of market surveillance. Seth previously worked with Citadel LLC and the Financial Industry Regulatory Authority and has over 20 years of industry expertise. Most recently, he served as Global Head of Market Surveillance at Citadel and Citadel Securities, where he was responsible for the design, extension and management of global surveillance capabilities for all financial instruments.
Prior to that, he worked for the Financial Industry Regulatory Authority (FINRA) for 16 years, his last position as Senior Director of Transaction Analysis for the Market Regulatory Department.
He will oversee Binance’s efforts to build and implement custom surveillance infrastructure and systems to address the risks associated with trading digital assets around the world. “I’m really looking forward to working with the team to take Binance’s already great surveillance capabilities to the next level,” said Seth. Our goal is to ensure that Binance users are protected from any form of evil activity or malicious actors.”
Stay compliant with global sanctions
To further advance its mission of achieving and maintaining full sanctions compliance worldwide, while building a strong sanctions control framework similar to traditional banks, Binance has promoted Chagri Poyraz, Director of Sanctions Compliance, to Global Head of Sanctions.
Chagri Poyraz has 17 years of experience in compliance, strategy, risk management and intergovernmental liaisons. Commenting on his appointment, he said, “Global security requires a concerted effort. For more than a decade, I have been strategizing cooperative programs to effectively navigate complex sanctions regimes. Digital assets have great potential, and adoption of them must work together to ensure resilience to both existing and emerging threats. I am proud to offer my experience to join an organization that sets industry compliance standards. My goal is to bring experience in the existing financial sector to finance… It’s about adapting and transforming the future of blockchain.”
Chagri led the anti-money laundering and sanctions program at Coupang, Korea’s largest online marketplace. There, he worked in various aspects such as third party risk management, onboarding, KYC, due diligence and sanctions compliance.
Binance has been consistently working to ensure compliance and protection of users worldwide. Key steps the platform has taken over the past few years include joining the National Cyber Forensics and Training Coalition, combating fraud, eradicating cybercriminals and tax filing API tools, and implementing a law enforcement request system.
The platform is also the first cryptocurrency exchange to have a security fund to protect users in extreme cases, called the $1 billion SAFU or Secure Assets for Users fund.
For more information about Binance, visit Binance’s official website.
Disclaimer: This is a paid post and should not be treated as news/advice.