In yet another step to strengthen its regulatory team, cryptocurrency exchange Binance has hired a former official from the UK’s Financial Conduct Authority (FCA), the independent body that regulates the sector in the country.
Leaving the body after a term of more than nine years, Stephen McWhirter will be Binance’s global director of regulatory policy, The Block reports.
At FCA, McWhirter held a number of fintech-related roles. Most recently, he served as Strategy and Engagement Manager in the Data, Technology and Innovation division.
“I have been very fortunate in my time at FCA to be involved in many national, European and global policy initiatives and debates, particularly in relation to financial services technology regulation, where working with many major regulators, companies and global bodies has given me a ringside seat during a fascinating period in policymaking. Particularly as the technology relates to the regulation of financial services. I was very lucky to be involved,” he wrote on LinkedIn.
Binance Focuses on Compliance
As mentioned, the hiring of McWhirter is part of Binance’s efforts to meet global regulations.
Last year, the company faced scrutiny from regulators in several countries over the legality of its operations.
Regulators in Thailand, Singapore, Japan, Canada and the United Kingdom itself have warned about the irregularity of the exchange’s activities.
Next, Binance announced some measures to “calm down” regulators and started strengthening its regulatory team.
In September last year, for example, the exchange hired two detectives from the Internal Revenue Service (IRS), the US Internal Revenue Service. They helped solve important cases in the crypto market, such as Silk Road.
In addition, the company has hired a former US Treasury Criminal Investigator as a leader in the area of financial crimes.