In order to defend the blockchain, cryptocurrency and Web3 ecosystem, Binance has created a global council with different political and economic figures. This “Global Advisory Board” will notably be headed by the former US ambassador to China.
Binance Unveils Global Cryptocurrency Council
Changpeng Zhao (CZ), CEO and Founder of Binance, announced the creation of the “Global Advisory Board (GAB)” which can be seen as a worldwide council in favor of 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 council will be chaired by Max Baucus, former US Ambassador to China and will see other people on his board with equally well-stocked CVs. We can, for example, cite the Frenchman Bruno Bézard, ex-Director General of Public Finances and now a partner at Cathay Capital, or even Henrique de Campos Meirelles, ex-President of the Central Bank of Brazil.
In total, these are 11 People Joining Binance’s Global Councileach having held strategic political and/or economic positions.
The GAB’s mission will be steer regulation in the right directionso that it is relevant for 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 promote continuous 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. »
👉 To go further – Discover our tutorial on the Binance cryptocurrency exchange
An initiative deemed necessary for mass adoption
Thus, the GAB will have to support 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, because we would be at a fateful turning point, with an ecosystem at the gates of mass adoption:
“With this shift clearly looming on the horizon, Binance’s role as an industry leader must be refined and managed with growing expertise and experience. While we have increased our focus on regulatory compliance and transparency, we want to ensure that Binance always relies on its expert strategic advice. »
Moreover Changpeng Zhao recognizes that he is far from knowing everything despite his experience, therefore, it becomes essential that his company relies on other more comprehensive expertise.
While Binance could be singled out in the summer of 2021 for its lack of compliance, the company was able to turn the situation to its advantage. From now on, it chooses to place itself as a leader, in order to defend cryptocurrencies on the world economic chessboard.
It will therefore be interesting to follow the evolution of the political weight, which will be acquired by the GAB in the years to come.
👉 Also in the news – BNB Chain partners with Google Cloud to develop Web3 projects
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