To champion the blockchain, cryptocurrency and Web3 ecosystem, Binance has created a global board with various political and business figures. This “Global Advisory Board”, will be headed by the former US ambassador to China, among others.
Binance unveils global board for cryptocurrencies
Changpeng Zhao (CZ), CEO and founder of Binance, announced the creation of the “Global Advisory Board (GAB)” which can be seen as a global council for Web3:
We can now officially share the names of the experts who form the new Binance Global Advisory Board.
This collaboration highlights our commitment to compliance, transparency and ensuring a collaborative, trusting relationship with the world’s regulators.https://t.co/u7m0kWn00a
– CZ 🔶 Binance (@cz_binance) September 22, 2022
This board will be chaired by Max Baucus, the former US ambassador to China, and will see other people with equally strong CVs on its board. For example, we can mention the Frenchman Bruno Bézard, ex-director general of the Public Finances and today partner at Cathay Capital or Henrique de Campos Meirelles, ex-President of the Central Bank of Brazil.
In total, 11 people are joining Binance’s global board, each of whom has held strategic political and/or economic positions.
The GAB’s mission will be to steer regulation in the right direction, so that it is relevant to the ecosystem:
We take responsibility for guiding the industry forward and supporting regulators as they seek to establish a global regulatory and compliance framework for the industry. Good regulations will foster continued technological innovation. They will preserve crypto’s core value propositions of freedom and empowerment, while ensuring that the right safeguards are in place to ensure consumer protection.
An initiative deemed necessary for mass adoption
As such, the ABM will need to accompany the various governments, to enable them to establish a sound regulatory framework, conducive to the growth of blockchain technologies. According to CZ and Binance, the creation of this assembly is a necessity, as we would be at a fateful turning point, with an ecosystem at the doorstep of mass adoption:
With this change clearly on the horizon, Binance’s role as an industry leader needs to be refined and managed with growing expertise and experience. While we have redoubled our focus on regulatory compliance and transparency, we want to ensure that Binance is continually drawing on its expert strategic advice. “
Changpeng Zhao also acknowledges that he is far from knowing everything despite his experience, so it becomes essential for his company to draw on other more comprehensive expertise.
While Binance could have been singled out in the summer of 2021 for its lack of compliance, the company has turned the situation to its advantage. From now on, it chooses to take the lead, in order to defend cryptocurrencies on the global economic scene.
It will therefore be interesting to follow the evolution of the political weight, which will be acquired by the ATM in the years to come.
