Today, regulatory compliance has become the most crucial issue for Binance and other crypto companies worldwide. And since the government authorities have decided to deal with the industry issues like high inflation, money laundering, and exploits with tight regulatory policies, it has badly affected the growth of blockchain developments.
As a result of which, crypto companies have been adopting different techniques to tackle this issue. For example, Coinbase recently added a political feature in its app to educate people that also features scorecards for politicians. In that slew, Binance introduced a separate Global Advisory Board (GAB) to solve regulatory issues. The former U.S. senator and Ambassador to China, Max Baucus, becomes the Chairperson of this strategic council consisting of twelve members in total.
As the world’s largest crypto exchange by trading volume, Binance, plans to step into the crypto-advanced developments, Metaverse, and Web 3 technology, the GAB will handle the company’s problems aroused socially or by regulations and politicians.
The board features high-profile figures like a former Obama advisor and global experts from finance, economics, cooperative governance, and others. Moreover, the new task force includes a former head of the French Treasury, Bruno Bezard, and Britain’s former Minister of State for Culture and the Digital Economy, Lord Vaizey. The remaining proponents who joined the board represent South Africa, Mexico, Germany, Brazil, South Korea, and Nigeria.
Binance CEO Sees GAB To Play A Crucial Role In Compliance
The CEO and Founder of Binance, Changpeng Zhao (CZ), revealed his intentions in a statement behind the formation of GAB and added;
In that time, we’ve tackled complex issues no one even knew existed. We’ve maintained our focus throughout on delivering compliance solutions that protect the interests of crypto users while keeping a brisk pace of socially-beneficial innovation. The GAB represents the next big step forward in our journey to share the benefits of modern finance and the blockchain with the entire world.
CZ went on to say all of the areas require thoughtful, considered decision-making at this critical juncture. And a single entity can’t afford to compensate for both inside and outside problems. So the subject-matter experts across governments and industries will assist Binance in driving transparency as per legislation.
Global Advisory Board Chair Baucus added in a statement;
Of all the technologies with the potential to create positive disruption, the world of crypto, blockchain, and Web3 is among the most exciting and the most promising. That’s why it is a great pleasure to participate in setting up the Binance Global Advisory Board and bringing the group’s unrivaled collective expertise to bear in solving complex problems with a socially positive outcome.
BNB, the native cryptocurrency blockchain of Binance, also unveiled a security initiative to protect users against scammers and attackers. Dubbed AvengerDAO, a decentralized autonomous organization (DAO), adds an extra security layer to the BNB network.