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Binance has been appointing new employees to top roles on a regular basis in recent years. The newest news is that Leigh Travers, former CEO of DigitalX, has joined Binance Autralia as its new CEO.
In its official announcement, Binance Australia revealed that Travers, who previously worked with the Australian blockchain technology and payments firm DigitalX for seven years, will be joining the company as its head. Apart from heading the world’s first publicly-listed blockchain firm, he previously served on the board of the leading local blockchain industry body, Blockchain Australia.
The CEO expressed in a statement, his intent to not only build the company’s brand and consumer relations but also work closely with the region’s regulators. Considering the regulatory woes Binance has been increasingly facing worldwide, it comes as no surprise that regulatory compliance is high on the new top exec’s agenda. He said,
“We have a responsibility to be involved in helping to shape the growth of our industry and this means prioritizing engagement and conversations with policymakers and regulators.”
He further stated,
“From an industry perspective, I know it’s imperative that we continue to develop our relationships with regulatory bodies while reinforcing our company commitment to compliance and best practice.”
Binance has significantly increased its compliance efforts since being cautioned or banned from many jurisdictions due to a lack of authorisation or registration. Binance has stopped offering specific goods in various areas, in addition to withdrawing its recently announced stock tokens and limiting its leverage limits.
Binance has already imposed derivatives trading limitations to Australian users in August. Previously, Australian customers could not open new futures accounts; however, the later announcement also prohibited users from opening new accounts for options, margin products, and leveraged tokens.
Binance has already imposed derivatives trading limitations to Australian users in August. Previously, Australian customers could not open new futures accounts; however, the later announcement also prohibited users from opening new accounts for options, margin products, and leveraged tokens. The company has also ceased crypto-margin trading on the Australian Dollar last month.Binance has announced many other high-level appointments around the world in an effort to proactively address regulatory and compliance concerns. Binance Singapore has announced the appointment of Richard Teng, the former Chief Regulatory Officer of the Singapore Exchange, as its new CEO.
In addition to this, the crypto-exchange recently appointed former U.S Treasury Criminal Investigator, Greg Monahan as its Global Money Laundering Reporting Officer (GMLRO). In an open letter published last month, Binance CEO Changpeng Zhao (CZ) revealed that Binance has grown its international compliance team and advisory board by 500% since last year.
Binance Australia’s former CEO, Jeff Yew, left the company in April, following which he launched Monochrome, a unit trust targeting high net worth individuals. He had later commented upon the regulatory uncertainty in the area and called for better regulation of crypto trading platforms. He also expressed distaste for “players exploiting that lack of [regulatory] clarity with users.”