Image source: Market Realist
Crypto exchange Binance has made changes to its business, and now former US senator Max Baucus is joining its Global Advisory Board.
The cryptocurrency exchange platform has announced the creation of a new Global Advisory Board.
The Board is a strategic council of experts who share their knowledge of regulatory, political, and social issues in the cryptocurrency industry.
Max Braucus, a former US senator and ambassador to China, will assume the role of prime minister.
The rest of the board is made up of experts from a variety of fields, including economics, finance, corporate governance, government and public policy.
David Plouffe, former campaign manager and senior adviser to former President Obama, is also joining the Global Advisory Board.
For the digital economy, they will be joined by former UK culture secretary Lord Vaizy and former French treasury chief Bruno Bezard.
Several experts sit on the board, including representatives from Brazil, Germany, Mexico, Nigeria, South Africa, and South Korea.
The formation of the Board
Binance CEO Changpeng “CZ” Zhao said the Board was formed due to the rapid development of blockchain technology, cryptocurrencies, and Web3.
“It’s vital Binance draws on its knowledge, diverse experiences, and backgrounds to help us properly and successfully navigate such a dynamic industry,” he elaborated.
“Both I and Binance as an entity see an inflection point for mass crypto adoption rapidly approaching.”
“With this change clearly on the horizon, Binance’s role as an industry leader needs to be honed and managed with increasing expertise and experience,” Zhao added.
According to the Binance CEO, it is impossible for one person to cover all the areas that require thoughtful and enlightened decisions at a crucial time.
“Binance will benefit greatly from input from people with experience across governments and industries, important and strategic relationships, and subject matter expertise.”
Binance and regulatory issues
Binance is no stranger to regulatory battles in various districts.
This year, however, it was registered as an official digital supplier in Bahrain, France, and Italy.
It also relies on Pro-Crypto regulators to extend its operations around the world.
In July, Binance was fined $ 3.3 million by De Nederlandsche Bank for launching its services in the Netherlands without proper authorization.
“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,” said Baucus in a statement.
“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.”
At this week’s Mainnet conference in New York, Zhao suggested governments create a new category exclusively for blockchain-based assets.
He simply defined the resource as a new data transfer technology and a distinct new class of resources.