Crypto exchange, Binance has strengthened its regulatory team with the appointment of two former Financial Action Task Force (FATF) executives, Rick McDonell and Josée Nadeau, as advisors.
McDonell is a former FATF Executive Secretary, while Nadeau was the Head of the Canadian delegation to the FATF. Both of them will provide high-level guidance on the cryptocurrency exchange’s global compliance and regulatory strategies, the press release detailed.
Additionally, the duo will become Binance’s liaison for its discussions with global and national policy and regulatory authorities.
“Cryptocurrencies and blockchain technology are gaining widespread adoption, with even traditional banking organizations now offering crypto services. These new technologies will certainly change how people and organizations alike manage money,” McDonell and Nadeau said in a joint statement.
Tenures with International Bodies
The role offered to them is ideal as both have years of experience working with other international bodies apart from the FATF. They worked with the International Monetary Fund (IMF), the Organisation for Economic Co-operation and Development (OECD), the World Trade Organization (WTO) and the UNODC.
Binance is strategically hiring former high-level government officials to cement its position as a highly regulated cryptocurrency exchange. Earlier, the exchange hired former U.S. Senator for Montana and Ambassador to China, Max Baucus, to oversee its government relations and regulatory initiatives.
“We’re thrilled to welcome Josée and Rick to our team and look forward to their strategic guidance on international AML and CFT policies,” Binance CEO, Changpeng Zhao said. “Their experience across significant global organizations will be of immense value to our team as we look to grow Binance and the industry in a sustainable manner.”