Former US senator becomes chairman of the new Binance Global Advisory Board

Former US senator becomes chairman of the new Binance Global Advisory Board

Binance has set up an advisory board under the direction of a former US senator to support the crypto exchange in coping with some of the most urgent regulatory problems with which the room is confronted.

Max Baucus, a former democratic senator from Montana, who was a US ambassador in China, is the chairman of the new group, the company announced on Thursday. The advisory board recently came together in Paris.

"Of all technologies with the potential to create positive changes, the world of crypto, blockchain and web3 is one of the most exciting and most promising," said Baugcus in a statement.

"That is why it is a great pleasure to participate in the structure of the Binance Global Advisory Board and to contribute the group's unrivaled collective expertise when solving complex problems with a socially positive result."

Baucus was first elected to the Senate in 1978 and Montanas became the longest reigning senator. During his fifth term, he was chairman of the finance committee and left office in 2014. In the same year he was appointed American ambassador in China by President Barack Obama, a function that he held until January 2017.

David Pluffe , a former high-ranking advisor of President Obama, will also be on the board. Other members live in Nigeria, Korea, France, South Africa, Brazil, Mexico and Germany.

These consultants include:

• ibukun Awosika Former of the First Bank of Nigeria and founder of the Chair Center Group;
• Hyung-Rin Bang, consultant of the Presidential Committee of Korea;
• Bruno Bezard Managing Partner at Cathay Capital, former business advisor of the French Prime Ministry and former head of the Ministry of Finance;
• Henrique de Campos Meirelles, former President of the Central Bank of Brazil;
• leslie maasdorp chief Financial officer of the new development bank;
• Adalberto Palma former high-ranking advisor of the president of Mexico;
• Christin Schäfer founder of ACS Plus
• Ed Vaizey Member of the British Oberhaus;
• David Wright, Chairman of Eurofi

"We improve our ability to cope with regulatory complexity by falling back to the world's highest level of specialist knowledge," said Changpeng Zhao, CEO of Binance.

"This cooperation between Binance and the leading experts of the [Global Advisory Board] is proof of our focus on compliance, transparency and ensuring a cooperative relationship with the world's regulatory authorities if they develop sensible regulations worldwide."

The creation of the new body, which is based on regulation, takes place, while the governments continue to think about how they can regulate the crypto industry. The White House published its first "crypto framework" last week, about six months after President Joe Biden issued a implementing regulation that focused on ensuring the responsible development of digital assets.

Reuters reported that the US authorities examined whether binance violated the Banking Secretary Act. A spokesman said Blockworks at the time that the company was regularly in contact with the supervisory authorities in order to answer any questions.

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