Binance Is Back in the News with New Hires to Target Its Next Growth Drive
It’s been a busy few months for the global crypto exchange Binance (BNB). On the regulatory front, Binance has had some tough conversations on the global stage.
Globally, regulators have been more active at the turn of the year. As a result, crypto exchange platforms have come under greater scrutiny. Exchanges have also been in the news more frequently than normal.
Regulator Activity in Recent Months Affects Binance
Earlier today, we reported news of India’s RBI establishing a dedicated FINTECH division to keep up with the ever-evolving crypto space. The news follows on from the RBI searching crypto exchanges on the suspicion of tax evasion. At the start of the year, news had hit the wires of the RBI searching Binance-owned crypto exchange WazirX on suspicion of tax fraud.
Late last year, there was news of Binance withdrawing its Singapore application and news of the exchange falling foul of the Ontario Securities Commission. Binance’s troubles reportedly span countries like the UK and the U.S, in addition to a number of Asian countries. Regulators reportedly have an issue with Binance and the lack of a known HQ.
It’s unsurprising, therefore, that Binance has been looking to strengthen its compliance division to face off with regulators globally.
Strategic Hiring to Set Binance on the Path for Growth
Binance has made a number of strategic hires to address issues that it faces with regulators.
In September of last year, Binance recruited former IRS-CI Special Agent Tigran Gambaryan to join the Global Intelligence and Investigations division. Binance then hired former Dubai Financial Services Authority Director McGuinness as Chief Regulatory Liaison Officer in the following month.
These hires had followed the hiring of former U.S Federal Law Enforcement Investigator Greg Monahan as a global money laundering reporting officer.
In a late November blog, Binance called for global regulatory frameworks for crypto markets. Just a shortly after, the Bank of England also called for the need for a global regulatory framework for cryptos.
With Binance and regulators seemingly aligned, the outlook for Binance as an industry leader should be positive. Recent hires will give Binance the chance of greater success at navigating through the regulatory quagmire that currently plagues the crypto market.
Binance’s Latest Hires
Following on from the strategic hires of last year, Binance has been busy at the start of the year.
Today, Binance announced new appointments in Russia and the Ukraine. According to the announcement, “the new CEOs, with their proven track record, will certainly have a positive impact on Binance’s growing presence in Russia, Ukraine, and Eastern Europe”.
According to the University of Cambridge, the Russian Federation accounted for 11.23% of the Bitcoin hashrate in August 2021. In spite of the proximity to China, relative to the U.S, the majority of the Commonwealth of Independent States barely featured. Kazakhstan is the leading state, with the world’s 2nd largest hashrate of 18.1% as of August 2021.
Following the news of last week’s blackout, other CIS states could become a viable option, however. Georgia and the Ukraine sat behind the Russian Federation, with hashrates of just 0.18% and 0.13% respectively.