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Binance Hiring Updates: New KYC Compliance Director plus Binance Brasil Seeks Director

Regulatory headwinds against Binance strengthens Binance’s resolve to quell regulators concerns with its latest hire and other ongoing efforts

Starting with KYC

Binance hires Zane Wong as its Director of Know-Your-Customer (KYC) Compliance and is actively pursuing hiring a few management level designations for Binance Brasil. The leading global crypto exchange platform ramps up on its compliance effort with a hire specifically targeting regulators’ concerns. 

This appointment came less than a month after another high level appointment involving the former Singapore Exchange Chief (SGX) to lead Binance Singapore. Zane Wong, a former executive from Goldman Sach, who had also served at J.P. Morgan and Bank Of America Meryll Lynch, aims to focus on compliance by developing regulatory standards for the industry. 

Source : Zane Wong, the lead for KYC Compliance is certified by the International Compliance Association and Association of Anti-Money Laundering
‘My experience with traditional financial services and institutions has laid a firm foundation upon which we can adapt to discover methods that work for the forward-looking cryptocurrency industry. Binance is a global leader in this market, and I am excited to be part of an organization dedicated to making the industry more compliant resilient, and sustainable for the long-term,’  Zane explained in a blog announcement.  

Binance has also started sourcing for the right individual to lead the operation in Brazil. In a job posting by Binance for the Director’s role, one of the key responsibilities for the role is ‘strong coordination with Government Relations’

The Future of Crypto Industry

Players in the crypto space are starting to realize that the decision for the industry to go mainstream lies with proper regulations. There has to be adequate control by the operator, investor protection and the right mechanisms to preserve market integrity. Crypto adoption will not gain much momentum without institutional participation. This participation can only be possible if the right regulatory framework is present. 

Binance began its journey with a standard one size fits all operation but soon realises that regulators are becoming increasingly concerned with institutions offering crypto services. Binance now adopts a jurisdiction-centric approach by localizing its operation to fits the local regulatory framework as the more practical solution. 

Source : Binance is shifting its focus to compliance as crypto starts to gain mainstream adoption

Opportunities in Brazil 

Brazil, the world’s fifth largest country with a population of 200 million is a promising jurisdiction for crypto adoption. In Global Digital Report 2019, Brazil is the fifth country in the world in terms of number of owners of cryptocurrency. The regulators have approved Brazil’s first Bitcoin ETF to QR Capital

The authorities in Brazil are adopting a crypto friendly policy through various initiatives that encourages an open channel to encourage discourse amongst the stakeholders. The authorities have established a regulatory sandbox that creates room for experimental initiatives within a controlled environment to aid the development in this industry. Similar strategy has been implemented in Singapore, wherein the government takes a proactive role to encourage compliance in a controlled environment for more innovative fintech products and services to operate. 

Balancing Regulation with Innovation 

Regulators are struggling to balance the various stakeholders' interests within the crypto industry. It is an arduous task especially at the pace that the crypto industry is growing. Decentralized Finance (DeFi) poses higher risks to investors. From time to time, news of exploits on various DeFi protocols makes us realize how early we are in this industry and the need to deploy certain safeguards to prevent any untoward incidents. The task of designing a regulatory framework should not be solely placed on the shoulders of the authorities. There must be equal participation by all stakeholders to adequately address all concerns.  

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