Binance Hires Former FATF Executives as Regulatory Advisors

Binance, the largest digital currency exchange, has appointed two former Financial Action Task Force (FATF) officers as advisors, according to a blog post on Thursday.  

FATF is the global regulatory body for money laundering and terrorist financing. By hiring the regulators, the exchange is aiming at strengthening its regulatory and compliance strategies. Meanwhile, the development today comes a few days after FATF updated its regulatory guidance, calling for tighter KYC/AML measures for digital currencies and virtual asset service providers (VASPs)

McDonell, Nadeau Becomes Binance Regulatory Advisors

Binance appointed Rick McDonell, the former Executive Secretary at FAFT, and Josée Nadeau, the former Head of the Canadian delegation to the FATF. As advisors to Binance, the regulators will drive the organization in compliance with global regulations and law enforcement agencies, especially on areas that include anti-money laundering (AML) and combating the financing of terrorism (CFT). 

Having worked with international organizations, both Nadeau and McDonell bring extensive regulatory and compliance expertise and experience to the table. 

“Cryptocurrencies and blockchain technology are gaining widespread adoption, with even traditional banking organizations now offering crypto services. These new technologies will certainly change how people and organizations alike manage money. […] We are both delighted to be working with Binance, one of the leading organizations in this new industry.”

McDonell and Nadeau said in a joint statement.

Binance is Beefing up its Regulatory and Compliance Strategy

It’s now apparent that the cryptocurrency exchange is positioned to become a more compliant and regulatory-friendly company. Prior to Nadeau and McDonell’s appointment today, Binance recently on-boarded the former U.S. Senator for Montana and Ambassador to China, Max Baucus, as an advisor. Baucus will help to navigate the exchange in government relations and regulatory initiatives.