Binance Hires Kraken’s Compliance Monitor For Legal Reinforcement
Binance is still continuing to strengthen its legal lineup. The most recent is adding a global compliance custodian at Kraken for over four years to the lineup as its senior vice president of compliance.
As the WSJ reports, Binance has acquired a former chief compliance officer from rival Kraken, as the industry continues to ramp up compliance efforts. Steven Christie, who has overseen global compliance at Kraken for over 4 years, joined Binance as senior vice president of compliance in May, a spokesperson of exchange said September 22.
Christie has worked in the crypto industry since 2015, previously serving as chief compliance officer at Xapo Bank, which oversees bitcoin.
After joining the Binance team, Mr. Christie led Binance’s global compliance team of more than 750 people, including its network investigation team, the spokeswoman said.
Legal, political, and social are often major impediments to widespread cryptocurrency adoption, which in turn slows the industry’s progress. This is the motivation that led to the decision to establish the Global Advisory Board (GAB) of the Binance exchange.
The world’s largest cryptocurrency exchange by spot-trading volume used to face many regulatory hurdles, but now the company is working to bring together former government officials and financial experts. GAB is led by former US senator Max Baucus with 10 members Ibukun Awosika, HyungRin Bang, Bruno Bezard (former French Treasury Director and Economic Adviser to the Prime Minister), Leslie Maasdorp, Henrique de Campos Meirelles (former French Treasury Director and Economic Adviser to the Prime Minister). former Brazilian Economy Minister), Adalberto Palma, David Plouffe, Christin Schäfer, Lord Vaizey, David Wright (former European Commissioner).
In the press release, Binance CEO Changpeng Zhao said that from the very beginning, they had faced a series of problems that “no one could even foresee.” Mr. Zhao believes GAB is a big step towards realizing the company’s mission.
For its part, San Francisco-based Kraken said Wednesday that it expects to hire a new chief compliance officer in the next few weeks.
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