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Binance Hires Former U.S. Senator To Provide Regulatory Backing

World’s largest cryptocurrency exchange by trade volume, Binance, has recently hired former United States Senator Max Baucus to become its policy and government relation adviser. 

Bloomberg reports today that Baucus will be responsible for providing policy advice and guidance that will help the exchange navigate through the U.S. regulatory landscape. 

The former politician will also consult with the U.S. regulators on best practices and measures that will support the growth of Binance and the broader crypto industry. 

Commenting on the development, Changpeng “CZ” Zhao, Binance CEO and founder, said that the exchange has worked with governments across various parts of the world under the counsel of notable experts. 

“We believe Senator Baucus will play an instrumental role for Binance, the crypto industry, and the different government bodies around the world going forward,” CZ told Bloomberg in a mail. 

Baucus’ Political Career

Baucus served as Senator of Montana under the Democrat party for more than 30 years. During his time as a Senator, he was Chairman of the Senate Finance Committee for seven years, where he talked about the potentials of cryptocurrencies and blockchain tech. 

Under former President Barack Obama, the political veteran was also the U.S. ambassador to China between 2014 to 2017. 

Although most of his works as an ambassador focussed mainly on healthcare reforms, he also showed interest in blockchain-based payments. 

Baucus’ political experience and his support for cryptocurrencies made him the best candidate for the role. 

Why Baucus?

Due to the lack of regulatory approval, U.S. citizens are not allowed to trade on Binance. The exchange’s partner, Binance U.S, has tried to serve U.S.-based clients across selected states in the best way possible. However, the San Francisco-based Binance only supports few cryptocurrencies, 54, compared to the 340 coins and tokens listed on Binance Global. 

Other important features like crypto derivatives trading that could have wooed many clients are still lacking on the U.S.-based platform. 

Therefore, with Baucus being named the exchange’s policy and government-relations adviser, Binance will hopefully get the regulatory approval to operate fully in the United States. 

Just yesterday, Blockchain.com welcomed the former White House Deputy Chief of Staff, Jim Messina, to its Board of Directors.

 

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