Image source: Market Realist
Binance has made considerable changes within the company and now the former senator of the United States Max Baucus welcomes to preside over the Council.
The crypto exchange platform has announced the formation of a new global consultative committee.
The council is a strategic board of experts who will lend their knowledge on regulatory, political and social issues in the cryptocurrency sector.
Max Braucus, former senator and American ambassador to China, will be taking the role of the Chair.
The rest of the Council consists of experts in various sectors, including economics, finance, corporate government, government and public policy.
The board also includes former campaign manager and senior adviser to former President Obama, David Plouffe.
They will be joined by the former British Secretary of State for Culture Lord Vaizy for the digital economy and the former head of the French Treasury 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 council was created 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.
Binance’s CEO said it’s impossible for one person to cover all the areas that require thoughtful and thoughtful 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 battles in different 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 operations globally. In July, Binance was fined $3.3 million by De Nederlandsche Bank for offering its services in the Netherlands without the proper 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.”
At the Mainnet conference in New York this week, Zhao suggested that governments should create a new category solely for blockchain-based assets.
He defined the assets as just a new data transfer technology and a new asset class in its own right.