Cryptocurrency exchange giant Binance has hired Mark McGinness, a former international relations manager for the Dubai Financial Services Authority (DFSA), as its chief liaison officer.
According to an announcement made on Thursday, Binance said McGinness will help lead the company to better relationships with regulators around the world.
In fact, McGinness is the newest Binance tenant with expertise in regulatory compliance and commitment to financial regulators.
Prior to joining DFSA, McGinness was also the director of international relations for the Australian Securities and Investments Commission.
The former DFSA board member also held advisory positions at the International Monetary Fund.
Speaking to Cointelegraph, McGinness said he plans to use the experiences and relationships he has built over the course of his career to improve Binance’s reputation with regulators.
“I look forward to bringing this experience to Binance, where I will work with policy makers and industry leaders to not only help establish regulatory frameworks and best practices, but also to expand their understanding of the blockchain and cryptocurrency industries.”
Commenting on McGinness who has joined the Binance compliance team, the company’s CEO Changpeng Zhao noted that the former DFSA executive has 30 years of experience working with regulators and other policy makers across the country .
Zhao called McGinness’ appointment “a big step forward” for Binance, especially as the company tries to navigate a tighter regulatory environment for cryptocurrencies.
Related: Binance hires former IRS CI agents to head the intelligence department
As previously reported by Cointelegraph, Binance has been forced to shut down multiple crypto trading services in multiple jurisdictions worldwide.
In September, Binance blocked fiat deposits and spot crypto trading services for users in Singapore. The platform has also ceased trading crypto futures in Australia.
The stock market giant continues to be scrutinized by government agencies, many of whom say Binance is unlicensed in their respective jurisdictions.
McGinness told Cointelegraph that Binance maintains a long-term commitment to the industry and strives to create a “sustainable ecosystem around blockchain technology.”
“In addition to locating our operations and business to comply with local regulations, we are working on an effective dialogue with regulators so we can develop regulations and best practices for the long-term benefit of all parties,” wrote McGinness for Cointelegraph.
Reports surfaced in early October that Binance might be headquartered in Ireland. The exchange has been accused of “trotting around the globe” by critics who say the platform’s actions are a sign of efforts to circumvent regulatory requirements.