In a context of tightening regulation around the crypto industry, companies in the sector recruit experts in this field, drawing on the pool of the very people who inspire and formalize the laws. Binance, which is not on its first catch, has just hooked a big fish in the person ofHenrique Meirelles, former Minister of Economy of Brazil and former President of the Central Bank. As for the FTX US Derivatives platform, it has set its sights on a licensed futures professional, Jill Sommers.
Binance and FTX US integrate regulation heavyweights
The exchanges cryptocurrencies that dominate the market are not only fighting a fierce battle to attract as many users as possible to their platforms, a struggle of another nature is taking place behind the scenes, no less crucial in these times of regulatory ax, the poaching or recruitment of personalities from the world of regulation. Thus, Binance and FTX Derivatives US each welcome two new experts in this field.
For the first, according to an announcement in the Brazilian newspaper O Globo then confirmed by a press release from Binance, it isHenrique Meirelles. Leading figure of the country who passed eight years at the head of the central bank (2003-2011) under the mandate of Lula, of which he was also Minister of Economy from 2016 to 2018. A function which led him in particular to participate in the first G20 meetings on cryptocurrencies in 2017. Unhappy pretender to the supreme candidacy in 2018, he could return to service if the former president wins the elections against Bolsonaro next October.
As for the American subsidiary of FTX positioned in the derivatives niche, it made sure the services of Jill Sommers, a former commissioner of the Commodity Futures Trading Commission (CFTC) who served two consecutive terms in the powerful federal body until 2013. A far from trivial choice, the platform acting under the authority of this same CFTC. With such a professional by its side, FTX US Derivatives intends to overcome the mysteries of regulation which could become even more complex with the new standards that are looming for the crypto industry.
I am delighted to be working alongside Ms. Sommers as (…) we work to evolve the market structure of crypto derivatives exchanges. Experience in the derivatives landscape is an invaluable resource for our Board of Directors as we navigate the evolution of the digital asset ecosystem and its integration into the broader structure of the financial market.
Zach Dexter, CEO of FTX US Derivatives, in Communicated
The best strategy to pave the way to compliance
In these times of tighter regulation, exchanges have no choice but to strengthen their regulatory pole. And what better strategy than bringing in former managers from the traditional world to pave the way to compliance. Indeed, it is difficult to find more capped in terms of regulatory expertise.
It is moreover Binance, under the constant fire of injunctions and measures taken against it all over the planet in 2021, which really initiated the movement. Its dedicated team is now made up of just as many former agents of the Financial Action Task Force (FATF), ex-US senator, of former U.S. Treasury Criminal Investigator than ex-special agents of the Internal Revenue Service or ex-Advisor to the IMF. And still others are gradually joining the teams of experts.
For those who still doubted the attractiveness of the sector, and its place in the global financial landscape, this massive arrival of representatives of traditional finance to support the sustainability of the industry should ask them.
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Two regulatory heavyweights join the ranks of Binance and FTX US – CryptoActu
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