Cryptocurrency exchange Binance has announced that Maxwell Baucus, the former U.S. Senator and ambassador to China, will be joining its team. Baucus is expected to function as a government liaison and policy adviser while assisting the firm to navigate the U.S. regulatory clime.
Simply put, Maxwell Baucus will help Binance remain regulatory compliant as well as guide all of its activities involving regulations in the United States of America.
When making the announcement, Binance disclosed that the experienced U.S. government official will advise Binance in matters pertaining to U.S. crypto regulations. This is a huge pointer to Binance’s renewed interest in the U.S. crypto space. The U.S. has proved over time to be quite critical of the cryptocurrency space. Binance has had to stop serving U.S. citizens directly due to regulatory constraints. The exchange then created a platform specifically for the U.S. market – Binance.US. Baucus joining the Binance team is a step in the direction of being able to fully offer its service to U.S. citizens.
Maxwell Baucus’ Career Journey
Baucus is well-known for representing Montana in the United States House of Representatives and the U.S. Senate for over 40 years. After this, he served under POTUS Barack Obama as an ambassador to China. This was between 2014 and 2017. Interestingly, he was also an advisor to Alibaba.
Binance CEO Changpeng Zhao also confirmed the hiring on Twitter. According to him, Baucus brings with him top-notch experience from working with governmental authorities at the highest level. This is because Baucus, while serving in the Senate, chaired the Finance committee. He also worked in important areas like taxes, trade agreements, tariffs, etc.
Zhao, furthermore, added that his experience is a welcome development that will help boost the crypto exchange’s “already strong compliance and policy team.” He will also be actively involved in government relations, compliance, strategy and policy, etc.
Speaking on the announcement, Baucus spoke strongly about the advantages embedded in cryptocurrencies. He pointed out that the crypto space would totally revolutionize the finance space, creating a world that is more financially inclusive and fair. He added that Binance, as one of the largest crypto exchanges, is helping to drive more awareness for the crypto space. Thereby, facilitating global cryptocurrency adoption. Baucus also disclosed that he looks forward to working with Binance
Binance and the U.S. Crypto Regulatory Space
It is a well-known fact that the United States government isn’t the biggest fan of the cryptocurrency space. Many crypto exchanges have had issues with U.S. regulators, leading many to relocate to more favorable regions. Binance hasn’t been left out of this tussle with the U.S. regulatory space. In 2019, the exchange had to set up a separate arm, dubbed Binance.US, to help service U.S. residents.
According to reports, Baucus will majorly help with consulting and liaising with “regulators and authorities on decisive policies that affect the larger global industry and best practices to further guide sustainable developments for Binance and the broader cryptocurrency ecosystem.”
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Baucus brings with him top-notch experience from working with governmental authorities at the highest level.