Image source: Market Realist

Binance has been making significant changes within the company, and now it welcomes former US Senator Max Baucus to chair the Board.

The Board

The crypto exchange platform announced the formation of a new Global Advisory Board.

The Board is a strategic council of experts who will lend their knowledge on the regulatory, political, and social issues within the crypto industry.

Max Braucus, the former US Senator and Ambassador to China, will be calling the shots.

The rest of the Board consists of experts across various fields, including economics, finance, corporate governance, government, and public policy.

The Board also includes former campaign manager and former President Obama’s senior advisor, David Plouffe.

They are joined by Britain’s former Minister of State for Culture, the Digital Economy Lord Vaizy, and former head of the French Treasury Bruno Bezard.

Several experts in 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 created due to how fast-paced blockchain technology, cryptocurrencies, and Web3 were developing.

“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.

The Binance CEO explained that it’s impossible for a single person to cover all areas that require thoughtful and considered decision-making at such a 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 struggles across various districts.

However, this year, it was registered as an official digital asset provider in Bahrain, France, and Italy.

It is also banking on pro-crypto regulators to expand operations globally.

In July, Binance was fined $3.3 million by the Dutch Central Bank for offering its services in the Netherlands without the appropriate license.

“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.”

This week, during the Mainnet conference in New York, Zhao suggested governments should create a new category solely for blockchain-based assets.

He defined the assets as “just new technology for transferring data” and “a new asset class” in and of itself.

Reference:

Binance taps former Obama advisor for new Global Advisory Board