Major crypto exchange Binance has shared the news of expanding its compliance team amid regulatory issues.
Binance's new Director of Compliance is Jonathan Farnell. The exchange aims to develop the scope of its regulatory product, among them regulated e-money and crypto-asset services. Farnell previously worked at the crypto-friendly trading platform – eToro, where he served in the same role.
We're glad to announce the hire of Jonathan Farnell who joins #Binance as Director of Compliance to help develop its regulatory products landscape, including regulated e-money and cryptoasset services.https://t.co/sSVwBNdw7h— Binance (@binance) July 7, 2021
The crypto exchange has become a subject of examination by various regulatory bodies over the world.On June 26, the UK's FCA published a consumer warning on banning Binance Markets Limited (BML) and the main company Binance Group from delivering operations in the country. Then Japan and other countries presented warnings and bans.
Turning to the created problems and situation, Binance CEO Changpeng Zhao “CZ” released an open letter. There he says clear regulations are vital for the growth of the crypto sector. He also wrote the company intends to localize activities to "comply with local regulations.”