Binance, one of the biggest cryptocurrency exchanges in the world has put together a Global Advisory Board made up of well-known experts in public policy, government, finance, economics, and corporate governance.
The goal of the GAB is to help Binance deal with some of the toughest regulatory, political, and social problems that the cryptocurrency industry as a whole is facing as it grows and changes quickly.
Ibukun Awosika, who was the former Chairman of First Bank Nigeria, and Leslie Maasdorp of South Africa, who was the former Managing Director and President for Southern Africa at Bank of America Merrill Lynch, are the only two Africans on the 11-member board.
Max Baucus, who used to be a U.S. senator and an ambassador to China, is now in charge of the GAB.
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What is Binance doing?
In March 2021, Binance hired Baucus to be their Policy and Government Relations Advisor. The former US Senator was going to be an important part of working with US regulators and authorities on long-term improvements for Binance and the cryptocurrency ecosystem as a whole.
The cryptocurrency exchange has set up a global organization to deal with regulatory issues on a global scale.
Through the GAB, we’re supercharging the ability to manage regulatory complexity by tapping into the finest level of expertise accessible anywhere in the globe,” said Changpeng Zhao, the CEO of Binance.
Members of the GAB hail from Africa.
Ibukun Awosika, a former chairman of First Bank in Nigeria, and Leslie Maasdorp, a former managing director and president for Southern Africa at Bank of America Merrill Lynch, are two of the eleven people on Binance’s Global Advisory Board (GAB). The GAB is comprised entirely of individuals from Africa.
In a statement, Awosika is said to have said, “Binance must continue to innovate and build solutions in real-time.” She also stated that she is pleased to be a part of the organization’s global advisory board and to contribute to the process of really altering the Web3 economy.
In the meantime, Maasdorp suggested that the cryptocurrency and blockchain industries might serve as a driving force behind the expansion of economic prospects all over the world. He anticipates that he will be able to facilitate some investments in the field and is looking forward to collaborating with industry professionals.
The regulatory challenges faced by Binance
Binance, like most other cryptocurrency startups in most parts of the world, has gotten a lot of attention from government regulators. In June of 2021, the United Kingdom’s Financial Conduct Authority (FCA) issued a warning to customers about the platform and ordered the company to cease all regulated activities immediately.
Once again in February 2022, the Financial Conduct Authority in the UK voiced its reservations about the July 2021. Italy was another country that prevented Binance from providing its services. Italy was another country that stopped Binance from doing business there in July 2021. Binance has stated that it will cooperate with regulators using a “collaborative approach” and that the company will take its compliance commitments very seriously.
The company has been taking a number of different steps to improve its efficiency in all of the countries where it is currently doing business. According to recent news reports, Nigeria and the corporation are thinking about working together to make a Virtual Free Zone.
It’s possible that as Binance keeps working to make sure that cryptocurrencies have a stable and welcoming regulatory framework, it will spur the creation of laws that work for cryptocurrencies all over the world.