Crypto Exchange Binance.us hires former financial regulator – Exchanges Bitcoin News

Binance.us has hired Manuel Alvarez, a former California financial regulator, as its chief administrative officer. The San Francisco-based crypto exchange, the technology of. relates Binance wants to deal with the “big question” – compliance.

Binance.us fills roles in the areas of compliance, risk management and legal

Binance.us, powered by matching engine and wallet technologies licensed from the world’s leading coin trading platform, announced the appointment of Alvarez in a statement released this week. The exchange’s new chief administrative officer was previously commissioner for the California Department of Finance and Innovation, Bloomberg reported.

Manuel Alvarez will join the company on July 22nd reporting to its CEO, Brian Brooks, who was himself a former banking regulator. Brooks, who was acting head of the Office of the Comptroller of the Currency (OCC), took up his position at Binance.us in May of this year.

Since then, Brian Brooks has been building his team and has almost doubled the staff. He plans to hire more specialists for the compliance, risk management and legal departments of the exchange in the next few months. Regarding the recent hiring, the manager said:

Bringing in someone like Manny, who was the regulator responsible for protecting over 40 million consumers, shows that we not only take this seriously, but we will not be defensive when it comes to compliance and consumer protection.

Brooks added that Binance.us will continue to pursue “the very best talent” and “the very best people” for the respective “super important” roles. The company is expanding its workforce at a time of increasing control over the crypto space when exchanges from regulators around the world are under pressure.

Binance Holdings, the company with which Binance.us shares a common founder and name, is now facing regulatory action in Thailand, the UK and Japan. Binance.us is a separate entity from Binance, noted Brian Brooks. In his view, the demands for regulation are not a bad sign and the market now needs a basic framework. He emphasized:

Exchanges like Binance.us have to face the big question of compliance.

“How do you allow for decentralization, how do you bring these assets to market while at the same time ensuring good risk management, compliance with laws, disclosure of what you sell to your customers, and the like?” Brooks said in an interview with Bloomberg Television.

Binance.us, operated by San Francisco-based BAM Trading Services, enables its users in the United States to buy and sell more than 50 cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) , and the BNB token. CEO Brian Brooks announced that the stock market could eventually go public in the next four years.

What do you think of Binance.us hiring a former financial regulator as chief administrative officer? Let us know in the comments section below.

Tags in this story

Appointment, Binance, Binance.us, California, CAO, CEO, Compliance, Crypto, Crypto Exchange, Cryptocurrency Exchange, Exchange, HIRE, Regulations, Regulator, Regulators, San Francisco, Trading Platform, USA, United States

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