Cryptocurrency exchange Binance announced on Thursday the creation of its new Global Advisory Board, a strategic group of professionals who will counsel it on the regulatory, political and societal challenges the sector is facing.
Britain’s former Minister of State for Culture and the Digital Economy Edward Vaizey, former French Treasury head Bruno Bezard and the former U.S. Senator and Ambassador to China Max Baucus serve as the board's chairmen.
David Plouffe, who was the campaign manager and senior advisor to President Barack Obama, will also be on the board that will have experts in public policy, government, finance, economics and corporate governance.
Representatives From 10 Countries
The board also includes representatives from countries such as Nigeria, South Korea, South Africa, Brazil, Mexico and Germany.
Binance co-founder Changpeng "CZ" Zhao said over the years that the crypto exchange has built a global presence and had actively engaged with leaders in countries from France to the United Arab Emirates and that several countries have led the charge and embraced a future where crypto and blockchain are major forces in their economy.
Regulations Require More Conversations, Says Zhao
“We understand that licenses and regulations will require much conversation and compromise, but the trajectory is clear, more and more countries want to find a positive path forward,” Zhao said.
“With the speed and pace that Web3, cryptocurrencies and blockchain technology are developing, it’s vital Binance draws on its knowledge, diverse experiences and backgrounds to help us properly and successfully navigate such a dynamic industry,” Zhao added.
Mass Crypto Adoption at an Inflection Point
Zhao further said both he and Binance as an entity see an inflection point for mass crypto adoption rapidly approaching. With this change on the horizon, Binance's role as an industry leader needs to be honed and managed with increasing expertise and experience.
“While we have doubled down our focus on regulatory compliance and transparency, we want to ensure that Binance is continuously drawing on its strategic counsel of experts,” he said.
“No single person can cover all the areas that need thoughtful, considered decision-making at this pivotal time. Binance will benefit greatly from input from people with experience across governments and industries, important and strategic relationships and subject matter expertise,” he added.
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