Regulators are on track to ensure that exchanges comply with the Know-Your-Customer requirements for proper regulatory oversight. The South Korean government placed a deadline for exchanges and those, like ByBit, who couldn’t meet it have left the country.
This has made almost every exchange tighten their belts accordingly. With respect to this, Binance has announced the appointment of Zane Wong as its Director of KYC Compliance. Therefore, Zane will be leading the legal team of Binance in matters concerning each regulators’ Know-Your-Customer requirements.
Zane has a rich background in Compliance, Finance, and Investment. According to the release, she has worked at JP Morgan, Bank of America, and Goldman Sachs. In addition, both the Association of Anti-Money Laundering and the International Compliance Association licensed her.
She noted that her experiences would help her work effectively at Binance. She remarked thus:
“My experience with traditional financial services and institutions has laid a firm foundation upon which we can adapt to discover methods that work for the forward-looking cryptocurrency industry. Binance is a global leader in this market, and I am excited to be part of an organization dedicated to making the industry more compliant, resilient, and sustainable for the long-term.”
Zane proceeded that she would ensure Binance “collaboratively develop regulatory standards that will ensure the industry’s compliance”. This was in line with what the CCO of Coinbase some days back; about how the cryptoverse should work with regulators for greater adoption.
Having said that, it is noteworthy that Binance has been appointing people into some key roles over the last few months. This was sequel to the crackdown the exchange has been experiencing for a while now.