Binance Hires Former FATF Executives to Strengthen Regulatory and Compliance Efforts
Binance has hired two former executives from world-renowned regulatory organizations – Rick McDonell and Josee Nadeau. The popular crypto exchange aims to enhance its AML and CFT endeavors and develop more robust relationships with law enforcement bodies worldwide.
- The Malta-based crypto exchange announced the latest hirings in a press release shared with CryptoPotato.
- Rick McDonell is the former Financial Action Task Force (FATF) Executive Secretary and Executive Director to the Association of Certified Anti-Money Laundering Specialists (ACAMS). On the other hand, Josee Nadeau is the former Head of the Canadian delegation to the FATF.
- Their responsibilities in Binance would primarily focus on providing “high-level guidance on the organization’s global compliance and regulatory strategies.”
- Additionally, they will have a “key role in supporting Binance’s consultation and liaison with global and national policy and regulatory authorities on issues that affect the global industry to further guide sustainable operation and growth.”
- Commenting on their appointment, both of them said that the crypto industry and blockchain technology are gaining widespread adoption, as even traditional banking organizations are opting in. Consequently, they require enhanced regulations, and McDonell and Nadeau will work with Binance to “ensure it has a world-class compliance and risk management program.”
- The company’s CEO, Changpeng Zhao, welcomed aboard McDonell and Nadeau and said that their combined experience “will be of immense value to our team as we look to grow Binance and the industry in a sustainable manner.”
- The leading exchange by volume has enjoyed the past several months as the bull run has resulted in numerous records. As previously reported, the daily trading volume on Binance Futures exceeded $100 billion for a new ATH.
