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Binance hires former Kraken compliance chief

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Binance hires former Kraken compliance chief

Binance hires former Kraken compliance chief Zeynep Geylan · 5 hours ago · 2 min read

Binance’s CEO Changpeng Zhao said the company is looking to hire more compliance experts.

2 min read

Updated: September 23, 2022 at 7:36 pm

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Cover art/illustration via CryptoSlate

Cryptocurrency exchange Binance hired Kraken’s former chief of compliance Steven Christie in May as senior vice president of compliance to lead its global compliance team, The Wall Street Journal reported Sept. 23.

Binance’s CEO Changpeng Zhao (CZ) said he is looking to hire more compliance experts in the near future.

Christie left his position at Binance’s rival platform Kraken to join Binance as the new senior vice president of compliance. Currently, Christie leads a team of 750 people, including the cyber investigations team.

CZ retweeted the WSJ article on his personal Twitter account on Sept. 23 and said that the exchange was looking to hire more people to work on its compliance team.

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Steve joined us a few months ago. Still planning to hire a few hundred more compliance people. Please apply on our homepage. https://t.co/r0mihBosck

— CZ 🔶 Binance (@cz_binance) September 23, 2022

On the other hand, Kraken said it was looking to hire a new chief of compliance on Sept. 21. The exchange said the relevant job ad would be posted in the upcoming weeks.

Binance going strong on compliance

The exchange giant announced the launch of its new Global Advisory Board (GAB) on Sept. 22.

Binance said that the GAB was established to promote responsible crypto regulations by engaging with lawmakers worldwide. The board members vary in expertise. It includes distinguished economics and business leaders and a former U.S. senator.

The GAB team will focus on advising Binance on complex regulatory and political crypto-related issues. Changpeng Zhao described the GAB mission by saying:

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“With the [board], we’re supercharging our ability to manage regulatory complexity by tapping into the highest level of expertise available in the world.”

Binance on regulations

Zhao has been closely following the news on the regulatory side while strengthening Binance’s compliance branch.

MiCA Framework

On Sept. 14, Zhao commented on the regulatory framework proposed by Europe’s Market in Crypto Assets (MiCA) and described it as a “fantastic” draft.

According to Zhao, MiCA’s proposal had the potential to become a global standard for other regulators to copy. The only concern he raised about the framework was that it rejected the adoption of USD-based stablecoins, which have around 75% liquidity in the market.

Philippines

The exchange is also playing an active role in the Philippines regarding the crypto regulations in the region. It was revealed that Binance was helping the Philippines government to prepare crypto regulations.

On Aug. 24, Binance met with the country’s financial watchdogs and lawmakers to discuss the details of the upcoming crypto regulations.

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This meeting took place one month after the Philippines Securities and Exchange Commission warned the residents about “dealing” with Binance.

commodity exchange

Russian Exchanges Ready To Launch International Crypto Payments, Lawmaker Reveals

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Russian Exchanges Ready To Launch International Crypto Payments, Lawmaker Reveals

The largest exchanges in Russia are ready to begin operating with cryptocurrencies right after authorities legalize cross-border settlements in crypto, according to a leading member of the Russian parliament. The stock and commodity trading platforms in Moscow and St. Petersburg are working to develop this market, the high-ranking official added.

Russia’s Top Exchanges Waiting for Moscow’s Green Light on Cryptocurrency Payments

Major Russian exchanges are prepared to start working with cryptocurrencies as soon as government institutions create the legal conditions for crypto settlements, the head of the Financial Market Committee at the State Duma, the lower house of parliament, has announced.

Moscow Exchange, St. Petersburg Exchange, and the St. Petersburg International Commodity Exchange are actively working to develop the market and are ready to immediately get involved in the process, since the infrastructure is already there, Anatoly Aksakov said in an interview with Parlamentskaya Gazeta, the official newspaper of the Federal Assembly.

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Also quoted by the crypto news outlets Bits.media and RBC Crypto, the Russian deputy pointed out that legislation designed to regulate the matter is currently being discussed. The necessary bills can be adopted as early as November, the lawmaker indicated.

Russia turned its attention to cryptocurrencies as a way to circumvent financial restrictions imposed by the West over its military invasion of Ukraine. The Russian government now views them as a tool that can ensure uninterrupted cross-border payments.

In mid-September, Prime Minister Mikhail Mishustin ordered the Ministry of Finance and the Central Bank of Russia to elaborate by December a joint position on the federal legislation needed to regulate the issuance and circulation of digital coins, including their mining and use in international settlements.

Last week, news came out that the two regulators have already reached a general agreement on a bill authorizing the employment of cryptocurrency in foreign trade deals. Russian media reports also unveiled that financial authorities in Moscow are already developing a mechanism to facilitate such crypto payments.

Tags in this story

commodity exchange, cross-border payments, cross-border settlements, Crypto, crypto payments, Cryptocurrencies, Cryptocurrency, Exchanges, international settlements, moex, moscow exchange, Payments, Russia, russian, Settlements, stock exchanges

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Do you expect Russia to quickly adopt laws allowing the use of cryptocurrencies in cross-border settlements? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Crime

Binance launches new program to help law enforcement fight cyber crime

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Binance launches new program to help law enforcement fight cyber crime

Binance launches new program to help law enforcement fight cyber crime Zeynep Geylan · 8 hours ago · 2 min read

The Global Law Enforcement Training Program will help authorities to detect and prosecute cyber criminals.

2 min read

Updated: September 28, 2022 at 12:48 am

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Cover art/illustration via CryptoSlate

Binance on Sept. 27 unveiled its new Global Law Enforcement Training Program, which will help law enforcement detect cyber financial crime and assist in prosecuting malicious actors.

This program is the industry’s first global coordinated effort. According to the announcement, the Binance investigations team has grown exponentially over the year and is ready to share its expertise.

Individuals from the Binance investigations team with global hands-on practice in the topic will lead the program. These individuals include security experts, former law enforcement agents, analysts, and operatives who helped take down global cyber-criminal organizations such as Hydra.

The announcement also mentioned a standard one-day training program that includes in-person workshops explaining the fundamentals of crypto and blockchain with particular emphasis on the regulatory environment they operate in.

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Binance investigations expansion

The announcement states that Binance’s investigations team has hosted and participated in over 30 workshops on fighting cyber and financial crime over the past year. The team also contacted law enforcement officials from numerous countries, including the U.K., France, Germany, Canada, South Korea, and the Philippines.

Binance’s Global Head of Intelligence and Investigations, Tigran Gambaryan, said:

“As more regulators, public law enforcement agencies, and private sector stakeholders look closely at crypto, we are seeing an increased demand for training to help educate on and combat crypto crimes. To meet that demand, we have bolstered our team to conduct more training and work hand-in-hand with regulators across the globe.”

The team previously aided Uniswap and Curve DNS when they were exploited by cybercriminals in July and August, respectively.

Binance’s recent endeavors

The exchange giant has been taking steps to dive deeper into the regulatory side of the crypto sphere.

To promote responsible regulation of the crypto industry, Binance launched a Global Advisory Board (GAB) on Sept. 22. The GAB included various experts in the field, including a former U.S. senator and global business leaders.

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Binance CEO Changpeng Zhao described GAB’s mission by saying:

“With the [board], we’re supercharging our ability to manage regulatory complexity by tapping into the highest level of expertise available in the world.”

One day later, the exchange announced that it hired its rival exchange Kraken‘s compliance chief. Steven Christie left his position at Kraken to serve Binance as senior vice president of compliance. In addition to sharing the news, Zhao added that the exchange was looking to hire more people to work on its compliance team.

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bitkub

Thailand’s SEC sues 5 for wash trading activities

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Thailand’s SEC sues 5 for wash trading activities

Thailand’s SEC sues 5 for wash trading activities Oluwapelumi Adejumo · 9 hours ago · 2 min read

Thailand’s SEC has increased its regulatory oversight over the crypto space since the crypto market crash, focusing on protecting traders.

2 min read

Updated: September 27, 2022 at 8:12 pm

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Cover art/illustration via CryptoSlate

Thailand’s Securities and Exchange Commission (SEC) is suing five entities over wash trading activities on two crypto exchanges, Bitkub and Satang corporation.

According to a Sept. 27 press release from the regulator, public prosecutors have been directed to sue Bitkub and two individuals for creating artificial volume for digital assets in the exchange.

The lawsuit was filed in a civil court, and prosecutors asked for civil sanctions of 24,161,292 baht ($636,000). Also, the regulator wants the court to ban the accused from trading crypto assets and being executives and directors of crypto firms.

The SEC had earlier proposed that the two individuals, Anurak Chuachai and Sakon Srakawee, should not trade crypto assets or their derivatives for six months or be directors or executives of a digital assets company for 12 months.

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But the offenders did not comply, hence the prosecution. The SEC added Mr. Sakon to the liability as co-debtor and wants the ban on the two individuals to be to the full extent of the law.

In August, Thailand’s SEC fined Bitkub Chief Technology Officer Samret Wajanasathian 8.5 million baht ($235,000) for insider trading. It also fined the exchange in May for not complying with local regulations when listing its native token, KUB.

Wash trading is an illegal market manipulation tactic that misrepresents demand for digital assets.

Thai SEC targets two more entities

Two other entities, LLC Fair Expo and Mr. Mikalai Zahorski, were also sued for similar offenses at the Satang Pro exchange.

The regulator wants the court to impose a fine of 12,080,646 baht ($315,000) along with trading ban terms.

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The SEC is resorting to civil action after the offenders refused to comply with the punishment imposed on them two months earlier.

Thai SEC tightens noose on crypto

Thailand’s SEC has increased its oversight function over the crypto space in light of the recent market implosion. The regulator accused Zipmex and its CEO Eklarp Yimwilai of failing to comply fully with its demand for information on how the firm managed its assets.

Meanwhile, the financial regulator banned crypto companies from offering staking and lending services to protect traders from the risk associated with the market.

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