Binance Forms Global Advisory Board Led by Former US Senator ‘Max Baucus’

Today, regulatory compliance has become the most critical issue for Binance and other crypto companies worldwide. And since government authorities have decided to tackle industry issues such as high inflation, money laundering and exploitation with strict regulatory policies, it has badly affected the development of blockchain developments.

As a result, crypto companies have adopted different techniques to deal with this issue. For example, Coinbase recently added a political feature to its app to educate people that it also has scorecards for politicians. In this blow, Binance introduced a separate Global Advisory Board (GAB) to resolve regulatory issues. Former US Senator and Ambassador to China, Max Baucus, becomes the Chairman of this strategic council which consists of a total of twelve members.

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As the world’s largest cryptocurrency exchange by trading volume, Binance, plans to enter the advanced developments in cryptography, Metaverse and Web 3 technology, GAB will handle the company’s problems arising from social or regulatory and political issues.

The board includes high-profile figures such as former Obama advisor and global experts in finance, economics, corporate governance and more. In addition, the new task force includes a former head of the French Finance Ministry, Bruno Bézard, and the former British Secretary of State for Culture and the Digital Economy, Lord Vaizey. The remaining supporters who joined the council represent South Africa, Mexico, Germany, Brazil, South Korea and Nigeria.

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BNB is currently trading at over $44. | Source: BNBUSD price chart from TradingView.com

Binance CEO believes GAB will play a critical role in compliance

Binance CEO and founder Changpeng Zhao (CZ) revealed his intentions in a statement behind the formation of the GAB and added:

In that time, we’ve tackled complex issues that no one even knew existed. We have maintained our focus throughout on providing compliance solutions that protect the interests of crypto users while maintaining a rapid pace of socially beneficial innovation. GAB represents the next big step forward in our journey to share the benefits of modern finance and blockchain with the entire world.

CZ went on to say that all sectors require thoughtful, targeted decision-making at this critical juncture. And a single entity cannot afford to compensate for both internal and external problems. Thus, subject matter experts from governments and industries will assist Binance in promoting transparency in accordance with the law.

Global Advisory Board chairman Baucus added in a statement;

Of all the technologies with the potential to create positive disruption, the worlds of crypto, blockchain and Web3 are among the most exciting and promising. That’s why it’s a great pleasure to join the formation of the Binance Global Advisory Board and bring the group’s unparalleled collective expertise to solving complex problems with socially positive impact.

Related Read: Bitcoin Whales Buy $3.12B in BTC in Last 24 Hours as Crypto Prepares for Fed Hike

BNB, Binance’s native cryptocurrency blockchain, has also unveiled a security initiative to protect users from fraudsters and hackers. The so-called AvengerDAO, a decentralized autonomous organization (DAO), adds an extra layer of security to the BNB network.

Featured image from Pixabay and chart from TradingView.com

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