#Binance, the world's largest exchange, has recruited two former members of the #Financial #Action #Task #Force ( #FATF) within the G20 to its regulatory compliance team.
Rick McDonell, former FATF secretary general, and Josee Nadeau, who headed the FATF's Canadian delegation, joined Binance.
McDonell, an illegal finance expert within the FATF, also served as chairman of the Board of Certified Money Laundering Professionals Association (ACAMS) and head of the money laundering department of the United Nations Office of Drugs and Crime.
Nadeau has also worked with the International Monetary Fund ( #IMF), the Organization for Economic Cooperation and Development ( #OECD), and the World Trade Organization ( #WTO).
The two former regulators will work with Binance on how to adapt to different regulatory issues and direct the exchange, as well as communicate with politicians about the growth of the cryptocurrency industry.
↘️Came after FATF's new rules
It was also noteworthy that Binance's move followed the FATF's new rules on anonymous transactions. While the FATF's new rules recommend increased reporting levels for cryptocurrency transactions, KYC information and even person-to-person transactions are required to be reportable.
Binance's two experienced regulation managers have a financial consultancy firm called McDonell-Nadeau. The pair also consults Shyft Network, a decentralized network. Shyft Network focuses on finding solutions to data sharing problems arising from compliance with FATF standards.
➡️Former US Senator also joined Binance
As will be remembered, Binance also reached an agreement with former US senate member Max Baucus earlier this month before McDonell and Nadeau and included him in the policy advisory team. Baucus also served as an embassy in China during the Obama period.