Thursday 25 March 2021 12:59 pm

Binance announce two more major appointments

Binance – the world’s largest cryptocurrency exchange – has announced two further big-name appointments, only weeks after handing a role to former US Senator Max Baucus.

The global blockchain company today appointed former Financial Action Task Force (FATF) Executive Secretary Rick McDonell, and former Head of the Canadian delegation to the FATF Josée Nadeau, to provide high-level guidance on the organisation’s global compliance and regulatory strategies. 

Binance says McDonell and Nadeau have joined to further strengthen anti-money laundering (AML) and combating the financing of terrorism (CFT) efforts and to support its overall objective to build stronger relations with regulatory and law enforcement bodies worldwide. 

Earlier this month, Max Baucus was been handed a brief by the exchange to provide high-level guidance on efforts to build relations with US authorities and regulators.

The 79-year-old Democrat – who recently served as the US Ambassador to China – is also Montana’s longest-serving senator after being in office from 1978 before being appointed to the Beijing role in 2014.

As the former Executive Secretary of FATF and Executive Director to the Association of Certified Anti-Money Laundering Specialists (ACAMS), McDonell brings a wealth of experience to Binance and its efforts to ensure robust AML and CFT standards. McDonell was also the Chief of the United Nations Office On Drugs and Crime’s (UNODC) global program on AML. 

Both Nadeau and McDonell bring extensive regulatory and compliance expertise and experience from their AML/CFT consultancy work with numerous governments and the crypto industry as well as from their previous work with various international organisations including the FATF, the International Monetary Fund (IMF), the Organisation for Economic Co-operation and Development (OECD), the World Trade Organization (WTO) and the UNODC.

Strategic guidance

As advisors to Binance, McDonell and Nadeau will be focused on providing strategic guidance on regulatory policies, along with bolstering international AML/CFT programs and best practices. They will also play a key role in supporting Binance’s consultation and liaison with global and national policy and regulatory authorities on issues that affect the global industry to further guide sustainable operation and growth of Binance and the broader cryptocurrency ecosystem. 

“Cryptocurrencies and blockchain technology are gaining widespread adoption, with even traditional banking organisations now offering crypto services,” said a joint statement from the new arrivals.

“These new technologies will certainly change how people and organisations alike manage money.

“We are both delighted to be working with Binance, one of the leading organisations in this new industry, to ensure it has a world class compliance and risk management program.” 

Binance CEO Changpeng Zhao (CZ), who recently hit back at an announcement from the Commodity Futures Trading Commission (CFTC) that the agency was investigating the cryptocurrency exchange, said: “We’re thrilled to welcome Josée and Rick to our team and look forward to their strategic guidance on international AML and CFT policies.

“Their experience across significant global organizations will be of immense value to our team as we look to grow Binance and the industry in a sustainable manner.”