Image source: Market Realist
Crypto exchange Binance has brought changes to the company, and now former US Senator Max Baucus is joining its new 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 on the board of directors.
They are joined by former UK culture secretary Lord Vaizy for the digital economy and former French treasury chief Bruno Bezard.
Several experts are 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 experience, 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 Binance’s CEO, it is impossible for one person to cover all the areas that require thoughtful and informed decision-making 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 Regulators
Binance is no stranger to regulatory battles in various districts.
However, this year it was registered as an official digital asset provider in Bahrain, France, and Italy.
It also relies on pro-crypto regulators to expand its business globally.
In July, Binance was fined $ 3.3 million by De Nederlandsche Bank for launching its services in the Netherlands without being properly licensed.
“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 the Mainnet conference in New York this week, Zhao suggested that governments should create a new category exclusively for blockchain-based assets.
He simply defined the resource as a new data transfer technology and a new class of resources in its own right.