Binance sets up global advisory board to drive responsible regulation of crypto

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CZ said that the GAB reflects Binance’s commitment to build trust with regulators as they work towards responsible regulation of the crypto industry.

2 min read

Updated: September 22, 2022 at 1:14 pm

Binance sets up global advisory board to drive responsible regulation of crypto

Cover art/illustration via CryptoSlate

Xeggex

Leading crypto exchange Binance has launched a Global Advisory Board to engage regulators worldwide to foster responsible regulation of the crypto industry.

The board comprises experts ranging from a former U.S. senator to distinguished economists and global business leaders. The team will leverage their expertise, experience, and networks to advise Binance on complex regulatory, political, and social issues confronting crypto adoption.

Binance CEO Changpeng “CZ” Zhao said that setting up the board reflects Binance’s commitment to building trust with regulators as they work towards responsible oversight of the industry.

CZ added:

“With the [board], we’re supercharging our ability to manage regulatory complexity by tapping into the highest level of expertise available in the world.”

According to CZ, the time is suitable for the board to take off as crypto mass adoption is fast approaching, but it needs to cross the hurdle of complex regulation.

The board is chaired by former U.S. Senator and Ambassador to China, Max Baucus. Other distinguished experts in the team include Ibukun Awosika, HyungRin Bang, Bruno Bézard, Leslie Maasdorp, Henrique de Campos Meirelles, Adalberto Palma, David Plouffe,  Christin Schäfer, Lord Vaizey, David Wright, and Changpeng Zhao.

The board’s chairman Max Baucus acknowledged that the world of crypto, blockchain, and Web3 has the greatest potential to create positive disruption globally.

The chairman added:

“It is a great pleasure to participate in setting up the Binance Global Advisory Board, and bringing the group’s unrivaled collective expertise to bear in solving complex problems with a socially positive outcome.”

Binance and responsible regulation

The leading crypto exchange has actively engaged with regulators worldwide to promote crypto-friendly policies.

According to an Aug. 24 report, Binance was invited for a Senate hearing by authorities in the Philippines to discuss issues relating to responsible regulation of cryptocurrencies. Philippine regulators are looking to harness crypto’s benefits while protecting users’ interests.

During the recent Binance Blockchain Week in Paris, CZ said that the Market in Crypto Assets (MiCA) regulatory framework proposed by the European Union could become a global standard as it seeks to drive crypto adoption while protecting the consumers.

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