Binance Bulks Up Regulatory Team
Apr 21, 2022
Cryptocurrency exchange Binance today (April 21) announced the hiring of two high-level executives to its regulatory and market compliance operations. Seth Levy, a former executive at Citadel LLC and the U.S. Financial Industry Regulatory Authority, was hired to be the company's "head of market surveillance." "Seth will oversee efforts to build and implement a surveillance infrastructure and system that is tailored to address risk associated with trading digital assets worldwide. His work will safeguard Binance users against fraud and manipulation. With the hire of Seth Levy, Binance ensures that it remains at the forefront of enhancing public confidence in the crypto industry," Binance stated in the announcement . Prior to moving to Binance, Levy was head of market surveillance at Citadel and Citadel Securities, the announcement states: "(He) was responsible for designing, scaling, and managing the global surveillance function across all financial instruments." Before joining Citadel, the according to the Binance blog post, Levy spent 16 years at FINRA. Most recently, he was senior director of trading analysis in the Market Regulation Department. "(Levy) was responsible for leading the team responsible for designing and conducting surveillance of the U.S. Equities markets, investigating misconduct, and examining the firm’s compliance with rules and regulations," the announcement states. Levy said in the announcement that Binance already has strong market surveillance staff. "Our goal is to ensure that Binance users are protected from any form of nefarious activity or bad actors," he said. Binance also today (April 21) announced the hiring of Steven McWhirter to be the company's director of regulatory policy. He previously worked for the U.K.'s Financial Conduct Authority. McWhirter also worked in compliance at the U.K.'s Gambling Commission. Most recently at the FCA, the announcement states, "he participated in the making of FCA’s crypto guidance and also led policy working groups focusing on the U.K., EU and other countries." Binance said McWhirter will be the company's first director of regulatory of policy. "Regulation is regarded as an important and necessary component in the lifecycle of all innovative sectors," McWhirter said in a prepared statement. "My efforts will support Binance by ensuring that the regulatory global compliance is enhanced in tandem with crypto and blockchain innovation. Leading Binance’s regulatory policy team will allow me to leverage my experience as a former conduct regulator to create a sustainable crypto ecosystem with consumer protection and market integrity at its heart." Binance was also in the news today (April 21) because it informed Russian customers that it is cutting off all accounts with more than 10,000 euros (about $10,800) as a result of the European Union’s fifth sanctions package. Binance said that it expects other exchanges to follow.