Binance is setting up a global advisory board to drive responsible crypto regulation

Leading crypto exchange Binance has launched a Global Advisory Board to engage regulators worldwide to promote responsible regulation of the crypto industry.

The board consists of experts ranging from a former US senator to renowned economists and global business leaders. The team will leverage their expertise, experience and network to advise Binance on complex regulatory, policy and social issues facing crypto adoption.

Binance CEO Changpeng “CZ” Zhao said that setting up the board reflects Binance’s commitment to building trust with regulators as they work toward responsible oversight of the industry.

CZ added:

“With [board]we increase our ability to deal with regulatory complexity by leveraging the highest level of expertise available in the world.”

According to CZ, the time is right for the board to take off as crypto mass adoption is fast approaching, but it must cross the hurdle of complex regulation.

The board is chaired by the former US senator and ambassador to China, Max Baucus. Other distinguished experts on the team include Ibukun Awosika, HyungRin Bang, Bruno Bézard, Leslie Maasdorp, Henrique de Campos Meirelles, Adalberto Palma, David Plouffe, Christin Schäfer, Lord Vaizey, David Wright and Changpeng Zhao.

Chairman of the board Max Baucus recognized that the world of crypto, blockchain and Web3 has the greatest potential to create positive disruption globally.

The Chairman added:

“It is a great pleasure to participate in setting up the Binance Global Advisory Board, bringing the group’s unparalleled collective expertise to solving complex problems with a socially positive outcome.”

Binance and responsible regulation

The leading crypto exchange has actively engaged with regulators worldwide to promote crypto-friendly policies.

According to an August 24 report, Binance was invited to a Senate hearing by authorities in the Philippines to discuss issues related to the responsible regulation of cryptocurrencies. Philippine regulators want to harness crypto’s benefits while protecting users’ interests.

During the recent Binance Blockchain Week in Paris, CZ said the Market in Crypto Assets (MiCA) regulatory framework proposed by the EU could become a global standard as it seeks to drive crypto adoption while protecting consumers.