Binance, the world’s leading cryptocurrency exchange by trading volume has hired two former FATF executives as its regulatory and compliance advisors. The new appointees include former FATF Executive Secretary Rick McDonell and former Head of the Canadian delegation to the FATF Josée Nadeau.
As Bitcoin hodlers worry about FATF regulations, the world's largest Bitcoin exchange, Binance, hires former FATF regulators.
This world now belongs to #Bitcoin
— Documenting Bitcoin 📄 (@DocumentingBTC) March 25, 2021
The announcement also comes just weeks after the cryptocurrency exchange came under CFTC investigation for allegedly offering leverage trading to US customers. The crypto exchange is currently focused on expanding its services outside the Asia Pacific region and especially in the United States which is currently dominated by the likes of Coinbase.
Binance had also appointed former US ambassador to China Max Baucus as the company’s government advisor on March 11, a clear indication of an aggressive approach in the US.
Binance Looking to Conquer US Crypto Market
The US crypto market is still quite complex when it comes to regulatory clarity and it was one of the key reasons behind Binance’s decision to open an independent crypto platform in the form of Binance.US a couple of years ago. However, looking at the growing demand for crypto services leading to high pre-market valuation and funding.
Binance being a market leader outside the US both in the spot as well as leverage market for sure wants to have a larger share of users in the US as well. The recent slew of hirings of former regulatory executives is a clear sign of Binance’s expansion strategy. The timing could not have been better given crypto market is currently in a prolonged bull run and Binance’s native chain BSC, as well as native token BNB both, have recorded exponential growth over the past couple of months. The BSC chain has currently become the favorite of Defi protocols as well as Eth traders in light of growing gas fees on the Ethereum network.