The largest crypto exchange Binance continues its anti-crisis activity. After the tough decisions of the regulators that caused the dropping of BNB, the native token of the exchange, Binance hired strong managers who can improve its relations with regulators.
The new team member is General Electric and Edelman veteran Patrick Hillmann, who took over as Chief Communications Officer (CCO). The new employee will have a lot of work to do.
Binance has been under pressure from regulators of many countries from Singapore to the UK for several months now. Regulators do not like Binance’s anti-money laundering policies, as well as the high risks that users face when trading with leverage. Traders are not happy too, they suffer losses because the exchange sometimes couldn’t process their orders during sharp fluctuations in the market. When nominating the new CCO, Binance co-founder Yi He noted:
– Patrick’s purview will also include working alongside Binance’s compliance and security leaders as the organization coordinates with global regulators.
Binance already employs several former influencers from regulatory agencies as well as other government agencies. These experienced managers brought with them not only competencies but also connections in regulatory and legislative bodies. Each new appointment generally increases the rate of native cryptocurrency Binance Coin (BNB).
Since the arrival of Patrick Hillmann, BNB has also grown by almost 20% as Binance is counting on his expertise. He “has a proven track record of successfully helping reposition some of the world’s largest brands in highly regulated industries”. Binance CEO CZ stated:
– Patrick’s fifteen years of experience working on global regulatory issues, such as GDPR, will be critical.
Binance has previously recruited Mark McGinness, a former department head at the Dubai Financial Services Authority (DFSA) as Chief Regulatory Liaison Officer. Greg Monahan was hired as Global Money Laundering Reporting Officer, he is a former US Treasury investigator.
Regulators have been actively influencing the cryptocurrency market. Therefore, the recruitment of large personalities with big experience in the field of regulation is taken positively by investors, especially institutional ones. BNB is therefore growing faster than other cryptocurrencies. In three months, the cryptocurrency has grown by 60%, from $333 to $530.