Binance, the world’s largest cryptocurrency trading platform, has hired Steven McWhirter as its global director of regulatory policy. The appointment is significant because it marked the onboarding of yet another high-profile government official, in which the exchange will be onboarding as it seeks new ways to make friends with regulators around the world.
Steven McWhirter had a successful career at the Financial Conduct Authority(FCA) in the United Kingdom. During his nearly nine years of active service, he served as the commission’s technical specialist, focusing on governance, conduct, and professionalism policy. His FCA involvements also include a manager position at FCA Innovate in the data, technology, and innovation division.
McWhirter’s extensive experience will assist Binance in establishing its regulatory framework. The veteran policymaker appears eager to begin his new role at Binance, as evidenced by an update to his LinkedIn profile highlighting his new position at the exchange platform.
“In my time at the FCA, I’ve been very fortunate to be involved in many national, European, and global policy initiatives and debates, particularly in respect of financial services regulation of technology, where working with many great regulators, firms, and global bodies gave me a ringside seat during a fascinating period in policymaking,” he said in a statement.
Binance had a difficult year in 2021, as the FCA and Malaysia’s financial regulator, among others, issued statements aimed at the trading platform’s legal rights to operate on its shores. The warnings from these regulators prompted the trading platform to curtail its services in a number of countries, including China, the United Kingdom, and South Korea.
Binance has been working on a plan to establish regional headquarters in order to turn events in its favour, a significant shift from its current model in which it has no visible operating zone. Brian Brooks, the former US OCC head, was also once employed by the trading platform to lead its US subsidiary. Brooks’ employment, however, was brief due to differences in strategic approaches.
McWirther’s appointment aligns with the exchange’s broader global goal of improving its regulatory standing with regulators worldwide.
