Former FCA Regulator Becomes New Binance Director of Regulatory Policy
- Steven McWhirter has over 20 years of experience in financial services and regulation.
- He worked for over 9 years with the UK FCA.

Binance, a major cryptocurrency exchange, said on Thursday that it appointed Steven McWhirter as its new Director of Regulatory Policy. According to the press release, McWhirter comes from the UK Financial Conduct Authority (FCA Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its role includes protecting consumers, keeping the industry stable, and promoting healthy competition between financial service providers. The FCA publishes and updates a guide handbook that sets out the rules, guidance, and provisions made by the FCA under its powers. The FCA has supervisory authorities overall financial services firms conducting regulated activities, such as offering loans, car financing deals, any consumer credit. Investment firms carrying on certain activities concerning financial instruments such as shares and bonds, the Markets in Financial Instruments Directive (MiFID) requires you to be authorized. Businesses are providing pre-paid cards or other such financial services, money transfers, E-money, and credit cards. The Financial Conduct Authority (FCA) ExplainedThe Financial Conduct Authority is responsible for all financial activities conducted in the UK or by UK citizens. Parliament gave the FCA a single strategic objective – to ensure that relevant markets function well – and three operational goals to advance, i.e. protecting consumers, integrity, and promoting competition.The FCA has been instrumental in policing the forex industry, including curbing market abuse in the form of scams, schemes, clones, etc. Recent years has seen the authority take a harder stance on investment products, including forex, contracts-for-difference (CFDs), and binary options. The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its role includes protecting consumers, keeping the industry stable, and promoting healthy competition between financial service providers. The FCA publishes and updates a guide handbook that sets out the rules, guidance, and provisions made by the FCA under its powers. The FCA has supervisory authorities overall financial services firms conducting regulated activities, such as offering loans, car financing deals, any consumer credit. Investment firms carrying on certain activities concerning financial instruments such as shares and bonds, the Markets in Financial Instruments Directive (MiFID) requires you to be authorized. Businesses are providing pre-paid cards or other such financial services, money transfers, E-money, and credit cards. The Financial Conduct Authority (FCA) ExplainedThe Financial Conduct Authority is responsible for all financial activities conducted in the UK or by UK citizens. Parliament gave the FCA a single strategic objective – to ensure that relevant markets function well – and three operational goals to advance, i.e. protecting consumers, integrity, and promoting competition.The FCA has been instrumental in policing the forex industry, including curbing market abuse in the form of scams, schemes, clones, etc. Recent years has seen the authority take a harder stance on investment products, including forex, contracts-for-difference (CFDs), and binary options. Read this Term) and will lead the exchange’s global regulatory policy team.
In his most recent position at the FCA, McWhirter was the Strategy and Engagement Manager for the Data, Technology and Innovation division. In addition to leading policy working groups focused on the UK, EU and other countries, he worked on the FCA’s crypto guidance. Through GFIN, a global network of more than 75 regulators and observers, he supported innovation in financial services.
“Regulation is regarded as an important and necessary component in the lifecycle of all innovative sectors. My efforts will support Binance by ensuring that the regulatory global compliance is enhanced in tandem with crypto and blockchain innovation. Leading Binance’s regulatory policy team will allow me to leverage my experience as a former conduct regulator to create a sustainable crypto ecosystem with consumer protection and market integrity at its heart,” McWhirter commented.
Moreover, Binance issued the following statement: “Serving as Binance’s first Director of Regulatory Policy, Steven will oversee a world-class regulatory policy team and ensure that Binance meets the regulatory obligations to the highest standard. Additionally, Steven will work closely with industry leaders, policymakers and regulators globally to contribute to the development of a sustainable regulatory framework.”
Binance.US License in Puerto Rico
Recently, Binance.US obtained a Money Transmitter License from the Puerto Rico Office of the Commissioner of Financial Institutions. So far in 2022, Binance.US has secured a Money Transmitter License in 4 jurisdictions, including West Virginia, Connecticut, Wyoming and now Puerto Rico. The digital asset firm has expanded its presence across the region significantly over the past few months.
Binance, a major cryptocurrency exchange, said on Thursday that it appointed Steven McWhirter as its new Director of Regulatory Policy. According to the press release, McWhirter comes from the UK Financial Conduct Authority (FCA Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its role includes protecting consumers, keeping the industry stable, and promoting healthy competition between financial service providers. The FCA publishes and updates a guide handbook that sets out the rules, guidance, and provisions made by the FCA under its powers. The FCA has supervisory authorities overall financial services firms conducting regulated activities, such as offering loans, car financing deals, any consumer credit. Investment firms carrying on certain activities concerning financial instruments such as shares and bonds, the Markets in Financial Instruments Directive (MiFID) requires you to be authorized. Businesses are providing pre-paid cards or other such financial services, money transfers, E-money, and credit cards. The Financial Conduct Authority (FCA) ExplainedThe Financial Conduct Authority is responsible for all financial activities conducted in the UK or by UK citizens. Parliament gave the FCA a single strategic objective – to ensure that relevant markets function well – and three operational goals to advance, i.e. protecting consumers, integrity, and promoting competition.The FCA has been instrumental in policing the forex industry, including curbing market abuse in the form of scams, schemes, clones, etc. Recent years has seen the authority take a harder stance on investment products, including forex, contracts-for-difference (CFDs), and binary options. The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its role includes protecting consumers, keeping the industry stable, and promoting healthy competition between financial service providers. The FCA publishes and updates a guide handbook that sets out the rules, guidance, and provisions made by the FCA under its powers. The FCA has supervisory authorities overall financial services firms conducting regulated activities, such as offering loans, car financing deals, any consumer credit. Investment firms carrying on certain activities concerning financial instruments such as shares and bonds, the Markets in Financial Instruments Directive (MiFID) requires you to be authorized. Businesses are providing pre-paid cards or other such financial services, money transfers, E-money, and credit cards. The Financial Conduct Authority (FCA) ExplainedThe Financial Conduct Authority is responsible for all financial activities conducted in the UK or by UK citizens. Parliament gave the FCA a single strategic objective – to ensure that relevant markets function well – and three operational goals to advance, i.e. protecting consumers, integrity, and promoting competition.The FCA has been instrumental in policing the forex industry, including curbing market abuse in the form of scams, schemes, clones, etc. Recent years has seen the authority take a harder stance on investment products, including forex, contracts-for-difference (CFDs), and binary options. Read this Term) and will lead the exchange’s global regulatory policy team.
In his most recent position at the FCA, McWhirter was the Strategy and Engagement Manager for the Data, Technology and Innovation division. In addition to leading policy working groups focused on the UK, EU and other countries, he worked on the FCA’s crypto guidance. Through GFIN, a global network of more than 75 regulators and observers, he supported innovation in financial services.
“Regulation is regarded as an important and necessary component in the lifecycle of all innovative sectors. My efforts will support Binance by ensuring that the regulatory global compliance is enhanced in tandem with crypto and blockchain innovation. Leading Binance’s regulatory policy team will allow me to leverage my experience as a former conduct regulator to create a sustainable crypto ecosystem with consumer protection and market integrity at its heart,” McWhirter commented.
Moreover, Binance issued the following statement: “Serving as Binance’s first Director of Regulatory Policy, Steven will oversee a world-class regulatory policy team and ensure that Binance meets the regulatory obligations to the highest standard. Additionally, Steven will work closely with industry leaders, policymakers and regulators globally to contribute to the development of a sustainable regulatory framework.”
Binance.US License in Puerto Rico
Recently, Binance.US obtained a Money Transmitter License from the Puerto Rico Office of the Commissioner of Financial Institutions. So far in 2022, Binance.US has secured a Money Transmitter License in 4 jurisdictions, including West Virginia, Connecticut, Wyoming and now Puerto Rico. The digital asset firm has expanded its presence across the region significantly over the past few months.