Binance strengthens its regulatory team
Cryptocurrency exchange Binance today (April 21) announced the hiring of two senior executives for its regulatory and market compliance operations.
Seth Levy, a former Citadel LLC and U.S. Financial Industry Regulatory Authority executive, has been hired to be the company’s “chief market surveillance officer.”
“Seth will oversee efforts to build and implement a suitable infrastructure and oversight system to address the risks associated with trading digital assets around the world. His work will protect Binance users from fraud and manipulation. With the hiring of Seth Levy, Binance is ensuring that he remains at the forefront of building public trust in the crypto industry,” Binance said in the announcement.
Prior to joining Binance, Levy was Head of Market Watch at Citadel and Citadel Securities, the announcement states, “(He) was responsible for designing, scaling and managing the watch function worldwide for all financial instruments”.
Prior to joining Citadel, according to Binance’s blog, Levy spent 16 years at FINRA. Most recently, he was senior director of business analysis in the market regulation department.
“(Levy) was responsible for leading the team responsible for designing and overseeing the U.S. stock markets, investigating misconduct, and reviewing the company’s compliance with rules and regulations,” the announcement reads. .
Levy said in the announcement that Binance already has a strong market watch staff. “Our goal is to ensure Binance users are protected from any form of nefarious activity or bad actors,” he said.
Binance also announced today (April 21) the hiring of Steven McWhirter as the firm’s Director of Regulatory Policy. He previously worked for the UK Financial Conduct Authority. McWhirter has also worked in compliance with the UK Gambling Commission.
More recently at the FCA, the announcement states that “he has been involved in the development of the FCA’s cryptography guidelines and has also led policy working groups focusing on the UK, EU and other countries”.
Binance said McWhirter will serve as the company’s first policy regulatory director.
“Regulation is seen as an important and necessary element in the life cycle of all innovative sectors,” McWhirter said in a prepared statement. “My efforts will support Binance by ensuring that global regulatory compliance is strengthened in tandem with crypto and blockchain innovation. Leading Binance’s regulatory policy team will allow me to leverage my experience as a ‘former driving regulator to create a sustainable crypto ecosystem with consumer protection and market integrity at its heart.’
Binance also made headlines today (April 21) as it informed Russian customers that it was shutting down all accounts over 10,000 euros (about $10,800) following the fifth sanctions package of the European Union. Binance said it expects other exchanges to follow suit.
Read more: Binance’s €10,000 limit on Russian accounts makes payments problematic