Ex-director of Dubai's financial regulator joins Binance team
Former Dubai Financial Services Authority (DFSA) director Mark McGuinness has joined cryptocurrency exchange Binance as head of regulatory affairs.
According to the press release, McGuinness has more than thirty years' experience as a leading financial services regulator. At the DFSA, he led efforts aimed at international cooperation and also served as chief decision-making officer.
Prior to joining the DFSA, McGuinness was head of international relations at the Australian Securities and Investments Commission. He has also advised the International Monetary Fund and the World Bank.
McGuinness said in a statement that amid the rapid adoption of blockchain technology and the proliferation of cryptocurrencies, there was a need for a greater understanding of the industry by governments and regulators.
"I aim to bridge this gap to create an advanced regulatory framework," he said.
The hiring of a specialist follows a number of regulatory challenges for Binance. Over the past few months, financial regulators in several countries, including the UK, Netherlands, Italy, Poland, Japan, Thailand, Hong Kong, Singapore, South Africa and several others, have issued warnings to investors regarding the company's operations.
Against this backdrop, Binance CEO Changpeng Zhao published an open letter outlining the exchange's plans for regulatory compliance and customer protection.
In August, the company introduced mandatory user verification and brought in former US Treasury Department investigator Greg Monahan as an anti-money laundering officer.
In September, former Europol darknet specialist Nils Andresen-Raed joined Binance's security team.
Recall, in the same month, the platform hired former IRS special agent Tigran Ghambaryan as vice president of global intelligence and investigations.
In October, Brian Schroeder, president of Binance's US division, took over as CEO of the subsidiary, replacing Brian Brooks, who left the company.