Leading cryptocurrency exchange Binance has established a Global Advisory Board to help the company native through regulatory and political issues. The company brought former United States senator Max Baucus, who will lead the board alongside 11 other prominent figures.
Binance Focuses On Regulation
Despite the persisting crypto winter, the fast-moving cryptocurrency industry has continued to grow this year. This has drawn the gaze of regulatory and political authorities across the globe. Companies such as Binance, Kraken, and FTX, have invested heavily in appeasing the regulatory standards necessary for crypto adoption.
The regulation process has slowed crypto adoption—the UK, for example, has put a blanket ban on Binance back in 2021—but significant exchanges have responded by employing and dedicating teams to tackle regulatory issues.
Binance has formed a task force called the Global Advisory Board (GAB), which consists of individuals dedicated to tackling ongoing regulatory issues worldwide. Advanced technologies, products, Web3 adoption, and expanding into new countries are all areas that the GAB team will focus on.
A Star-Studded Team
Former United States senator Max Baucus will lead the group. Baucus will work alongside Ibukun Awosika, HyungRin Bang, Bruno Bezard, Leslie Maasdorp, Henrique de Campos Meirelles, Adalberto Palma, David Plouffe, Christin Schäfer, Lord Vaizey, and David Wright.
In a press release, Binance CEO Changpeng Zhao (CZ) announced that the formation of GAB would be a step forward in advancing the firm’s ambition of being the first globally regulated crypto exchange. He commented on the announcement: "We always put our users first, and that's served as a very effective North Star for us over the past five years of unprecedented, exciting growth."
While the team leader Baucus spoke in support of crypto, blockchain, and Web3, claiming that the team aims to solve complex problems and deliver socially positive outcomes.
Binance’s native blockchain (BNB) has recently launched a community-run initiative to protect users against scams and exploits. The project is named AvengerDAO (decentralized autonomous organization) and is geared towards security-focused solutions, adding a layer of security to Binance’s native blockchain.