Former ASIC advisor Mark McGinness joins Binance as regulatory liason officer
Link copied to
Binance has added a former Aussie financial regulator to its global executive team, in the crypto juggernaut’s latest move to engage with rule-makers before it is further targeted by them.
Mark McGinness, a former head of international relations and advisor to the chairman of the Australian Securities and Investment Commission (ASIC), is joining Binance Group as its chief regulatory liaison officer.
Most recently McGinness has worked as head of international relations at the Dubai Financial Services Authority, in a variety of roles since 2011.
He was at ASIC from 1991 to 2005 and has three decades of experience as a financial services supervisor – as well as a side job as an obituary writer for The Sydney Morning Herald, The Age and the Times of London.
In his role for the DFSA, he was instrumental in establishing a global network of over 75 regulators and settled 100 memoranda of understandings for the financial centre, Binance said.
“Mark is one of the most respected regulators and compliance experts in the industry,” said Binance chief executive Changpeng “CZ” Zhao.
“He brings with him over 30 years of invaluable experience working alongside key stakeholders in the financial services industry.
“Mark joining our leadership is not only a huge step forward for Binance, but the industry as a whole, as we work to grow the industry responsibly with the support of regulators and policymakers across the globe.”
In a statement, McGinness said: “The rapid mainstream adoption of blockchain and crypto technology signals a need for a deeper understanding and appreciation among governments, regulatory bodies and users alike.”
“I aim to bridge this divide through working closely with industry leaders and policymakers to not only set best practices and regulatory frameworks, but also broaden their understanding of this dynamic industry.”
Binance says it has grown its international compliance team and advisory board by 500 per cent since the start of the year, a step the crypto company took after it was targeted by regulators in the UK, Hong Kong, the Netherlands, Japan, Germany, Italy and elsewhere.
Recent appointments include a former US Treasury criminal officer as its global money laundering reporting officer, as well as two former special agents for the US Internal Revenue Service taking senior roles in global intelligence and investigations.