Binance Bolsters Regulations Team with Two Former FATF Executive Hires

Crypto exchange, Binance has strengthened its regulatory team with the appointment of two former Financial Action Task Force (FATF) executives, Rick McDonell and Josée Nadeau, as advisors.

McDonell is a former FATF Executive Secretary, while Nadeau was the Head of the Canadian delegation to the FATF. Both of them will provide high-level guidance on the cryptocurrency exchange’s global compliance and regulatory strategies, the press release detailed.

Additionally, the duo will become Binance’s liaison for its discussions with global and national policy and regulatory authorities.

“Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term and Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology are gaining widespread adoption, with even traditional banking organizations now offering crypto services. These new technologies will certainly change how people and organizations alike manage money,” McDonell and Nadeau said in a joint statement.

Tenures with International Bodies

The role offered to them is ideal as both have years of experience working with other international bodies apart from the FATF. They worked with the International Monetary Fund (IMF), the Organisation for Economic Co-operation and Development (OECD), the World Trade Organization (WTO) and the UNODC.

Binance is strategically hiring former high-level government officials to cement its position as a highly regulated cryptocurrency exchange. Earlier, the exchange hired former U.S. Senator for Montana and Ambassador to China, Max Baucus, to oversee its government relations and regulatory initiatives.

“We’re thrilled to welcome Josée and Rick to our team and look forward to their strategic guidance on international AML and CFT policies,” Binance CEO, Changpeng Zhao said. “Their experience across significant global organizations will be of immense value to our team as we look to grow Binance and the industry in a sustainable manner.”