Binance hires former US Ambassador to China

In a press release on Thursday, cryptocurrency exchange Binance announced that it has hired former U.S. senator and ambassador to China, Maxwell Baucus, as a government relations adviser.

Maxwell Baucus is to provide guidance and advice to the firm and expected to work closely with U.S. regulators. Binance currently does not serve the US market directly and the hiring of the long-term government official could indicate a shift in their strategy.

According to the press release, Baucus “will also play a key role consulting and liaising with U.S. regulators and authorities on decisive policies that affect the larger global industry and best practices to further guide sustainable developments for Binance and the broader cryptocurrency ecosystem”

Citing its terms of use, Binance had announced on multiple occasions that it was working to remove U.S. customers from its platform since exchanges operating within the U.S. are subject to a number of regulatory agencies. 

Binance Chief Executive Officer, Changpeng Zhao confirmed the appointment of Baucus in a statement:

“His experience at the highest levels of government and intimate understanding of global regulation brings exceptional value to Binance and enhances our already strong compliance and policy team.”

Baucus himself shared a few words on his new role and commented on how cryptocurrencies could potentially lead to a fairer and more equitable financial world, by saying that:

“Binance is one of the largest organizations involved in bringing these to the mainstream and it’s a privilege to assist in appropriately navigating the complex political and regulatory frameworks that hold the key to enabling wider adoption.”

Between 2014 and 2017, Baucus served as ambassador to China under the Obama administration. Before his engagement oversees, he served in the U.S. Senate and House of Representatives for nearly 40 years representing the state of Montana. In the Senate, Baucus chaired the Committee on Finance that oversees tax and tariff issues as well as some trade agreements.

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