Binance Welcomes Ex-FINRA Regulators To Enhance Compliance Efforts

Binance welcomes ex-FINRA regulators to enhance its global compliance efforts and to grow the digital asset ecosystem as we can see more today in our latest Binance news today.

The world-leading exchange Binance welcomes ex-FINRA offices at the two major regulatory companies to grow the digital asset ecosystem and announced that also they will hire former Financial Conduct Authority officials with the two intended to help the exchange and enhance the regulatory compliance with the jurisdictions worldwide. According to a press release, Steven McWhirter from the FCA will be joining the company as the Director of Regulatory Policy and will ensure that Binance meets the regulatory obligations to the best degree possible.

Hsi’s preivous position was a policy subject matter expert and worked with multiple policy groups in the UK and the EU. In the meantime, Seth Levy from FINRA will be Binance’s head of market surveillance and helped to surveil digital asset tradign by creating and implementing the infrastructure. As a senior director of a trading analyst at FINRA, his team surveilled the US equity markets and investigated misconduct.

The FCA is a financial regulatory body that is based in the US Kingdom while operating independently from the government while the FINRA is a private American regulatory company that oversees its member firms. Binance CEO Changpeng Zhao called the addition of the officials a boon to both his exchange and the entire crypto industry. The hires came after Binance promoted Chagri Poyraz as a Global head of Sanctions but today the company announced new rules that can limit Russian transfers to its exchange in complaince with recent sanctions levied by the EU. Mc Whirter added:

 “My efforts will support Binance by ensuring that the regulatory global compliance is enhanced in tandem with crypto and blockchain innovation.”

As recently reported, The crypto exchange Binance recovered $5.8M worth of stolen funds originating from last month’s Axie Infinity exploit. The funds were distributed over 86 accounts. The $625 million exploits which were one of the biggest in the industry, were tied to the US security officials to North Korea’s Lazarus hacker group. Ronin Network the creators of the Axie Infinity bridge which saw the exploit, said that the FBI linked the Lazarus group breached the validator, and sanctioned the funds.