Another step to strengthen cryptocurrency exchange with its regulatory body Accounting Hired a former employee of the Financial Conduct Commission (FCA) of the UK, an independent body that regulates the sector in the country.
Stephen McVeird, who will be leaving the body after more than nine years, will be the director of the global regulatory policy on accounting, The Black reports.
At the FCA, McWhirter played a number of Fintech-related roles. Most recently, he has served as Strategy and Involvement Manager in the Data, Technology and Innovation division.
“During my time at the FCA I have been very fortunate to be involved in many national, European and global policy initiatives and discussions, especially in relation to financial services technology regulation, which has given me a fascinating period in policy formulation. Hoop side seat, especially when it comes to technology regulation of financial services. I’m very lucky to be involved, ”he wrote on LinkedIn.
Focuses on accounting compliance
As mentioned, hiring McWhirter is part of Binance’s efforts to meet global regulations.
Last year, the company faced scrutiny from regulators in several countries over the legitimacy of its operations.
Regulators in Thailand, Singapore, Japan, Canada and the United Kingdom have warned of the abuse of the broker’s operations.
Next, Binance announced some measures to “calm down” regulators and began strengthening its regulatory body.
In September last year, for example, the exchange Hired Inland Revenue Service (IRS), two detectives from the U.S. Inland Revenue Service. They helped solve important cases like the Silk Road in the crypto market.
In addition, the company has appointed a former U.S. Treasury criminal investigator to head the Financial Crimes Department.
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