Former head of Dubai’s financial regulator joins Binance

Former director of the Dubai Financial Services Authority (DFSA), Mark McGinnness, joined cryptocurrency exchange Binance as head of regulatory affairs. ForkLog said in a statement.

According to the press release, McGinnness has more than three decades of experience as a leading financial services regulator. At the DFSA, he led efforts to foster international cooperation, and served as the chief decision officer.

Before moving to the DFSA, McGinnness led the International Relations Department at the Australian Securities and Investments Commission. He also advised the International Monetary Fund and the World Bank.

In a statement, McGinnness noted that amid rapid adoption of blockchain technology and the spread of cryptocurrencies there is a need for governments and regulators to gain a deeper understanding of the industry.

“I strive to bridge this gap to create a leading regulatory framework,” he said.

The hire comes amid a string of regulatory challenges Binance has faced in recent months. Financial regulators in several countries, including the United Kingdom, the Netherlands, Italy, Poland, Japan, Thailand, Hong Kong, Singapore, South Africa and a number of others, issued warnings to investors about the company’s activities.

Against this backdrop, Binance CEO Changpeng Zhao published an open letter, in which he outlined the exchange’s plans for regulatory compliance and customer protection.

In August, the company introduced mandatory user verification and invited former U.S. Treasury investigator Greg Monahan to the role of AML officer.

In September, former Europol specialist on the dark net Nils Andresen-Read joined Binance’s security team.

Earlier in the month, the platform hired former IRS special agent Tigran Gambaryan as vice president of global intelligence and investigations.

In October, Binance’s U.S. unit president Brian Schroeder took the post of chief executive of the subsidiary, replacing Brian Brooks.

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