Binance today announced the formation of its new Global Advisory Board, a strategic council of experts that will advise the world's leading cryptocurrency exchange on the regulatory, political and social issues faced by the industry.
Chaired by former U.S. Senator and Ambassador to China, Max Baucus, the Board comprises experts in public policy, government, finance, economics, and corporate governance, including former campaign manager and senior advisor to president Obama David Plouffe, Britain’s former Minister of State for Culture and the Digital Economy Lord Vaizey, and former head of the French Treasury Bruno Bezard.
Other experts joining the Board represent Nigeria, South Korea, South Africa, Brazil, Mexico, and Germany.
Commenting on the reasons behind the creation of the Board, Binance CEO Changpeng 'CZ' Zhao stressed that “with the speed and pace that Web3, cryptocurrencies, and blockchain technology are developing, it’s vital Binance draws on its knowledge, diverse experiences, and backgrounds to help us properly and successfully navigate such a dynamic industry.”
“Both I and Binance as an entity see an inflection point for mass crypto adoption rapidly approaching,” Zhao wrote in a blog post accompanying the news. “With this change clearly on the horizon, Binance's role as an industry leader needs to be honed and managed with increasing expertise and experience.”
Zhao added that it is impossible for a single person “to cover all the areas that need thoughtful, considered decision-making at this pivotal time,” and that “Binance will benefit greatly from input from people with experience across governments and industries, important and strategic relationships, and subject matter expertise.”
In an extensive conversation with Dan Roberts and Stacy Elliott, Binance CEO CZ talks global and US regulation, Binance HQ locations, crypto bailouts and how he approaches deals, the sports marketing push by big crypto exchanges and why Binance went slower, and why he believes we live in a simulation. Watch and make sure to subscribe to the gm podcast on Apple or Spotify.
Binance and regulators
Earlier this year, Binance, which has a history of regulatory struggles in various jurisdictions, was registered as an official digital asset provider in Bahrain, France and Italy, and is banking on pro-crypto regulators to expand its operations globally. The crypto exchange, however, was fined $3.3 million by the Dutch Central Bank in July for offering services in the Netherlands without the appropriate license.
"Of all the technologies with the potential to create positive disruption, the world of crypto, blockchain, and Web3 is among the most exciting and the most promising," Global Advisory Board chair Max Baucus said in a statement.
Binance CEO Changpeng “CZ” Zhao thinks the Bitcoin bear market is good for crypto.
In a conversation with Messari CEO Ryan Selkis at the Mainnet conference Wednesday, CZ—who connected remotely via video chat—said a four-year crypto market cycle is normal and that a bear market is healthier in the long term than a seemingly never-ending upward trend.
“Price corrections are actually good,” CZ said, adding that investors shouldn’t look at token prices as signs of how the crypto market is doing.
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"That's why it is a great pleasure to participate in setting up the Binance Global Advisory Board, and bringing the group's unrivaled collective expertise to bear in solving complex problems with a socially positive outcome," Baucus added.
Earlier this week, speaking to Decrypt during the Mainnet conference in New York, Zhao suggested that governments should create a new category entirely for blockchain-based assets, which he defined as “just new technology for transferring data” and “a new asset class” in and of itself.
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