Binance Hires a New Director of Compliance Amid Regulatory Hurdles
7 Jul, 2021•2 min read•Regulation
The world’s leading cryptocurrency exchange has announced the hiring of Jonathan Farnell as the company’s new Director of Compliance. This comes as the firm faces enhanced regulatory scrutiny among multiple jurisdictions, including the UK.
In a press release shared with CryptoPotato, Binance asserted that Farnell will be its new Director of Compliance to “help develop its regulatory products landscape, including regulated e-money and crypto-asset services.” He comes from the crypto-friendly trading platform – eToro, where he occupied the same position and was also a board member and Head of Compliance. “In putting users first, Binance has a culture that fosters innovation and promotes the creation of game-changing products. My efforts will focus on helping Binance develop these and driving further regulatory compliance in Europe and the development of regulated products.” – Farnell commented. He further described his role at Binance as the key component to close the gap between the company and global watchdogs and partners. He believes the “fast-paced” crypto industry faces “unique challenges” that he and his team will focus on. The new hiring comes amid the popular exchange’s regulatory issues within numerous countries, including the UK. As reported previously, the Financial Conduct Authority issued a warning against Binance Markets Limited and the Binance Group as both entities could not operate in the country. While the move was mimicked by other regulators as well, Binance responded to the FCA, indicating that BML is not the organization offering derivatives in the UK.