Binance, the world’s largest cryptocurrency exchange has appointed Max Baucus, the former US Ambassador to China as its policy head and government relations advisor. The move by the crypto exchange is being seen as a way to better its working relationship in the US market after opening an independent US-only exchange in 2019.
Baucus is a Democrat senator from Montana for more than three decades and served as the Ambassador to China between 2014-17. The former senator would help the cryptocurrency exchange to adhere to best regulatory practices and understand the US market from the policy point of view.
Binance, the world’s largest cryptocurrency exchange, has named former U.S. Senator Max Baucus as a policy and government-relations adviser https://t.co/2SxWx2JFZy
— Bloomberg Technology (@technology) March 11, 2021
Binance is one of the largest market players in both the spot market as well as the futures market and has grown into a multi-billion dollar ecosystem in a very short period. However, despite its market dominance, the exchange does not cater to the US customers directly due to regulatory clampdowns, and the current government adviser appointee in the form of a former senator. The exchange might be planning to expand its business in the US with better regulatory relations in mind.
Changpeng Zhao, Binance Chief Executive Officer said,
Binance is committed to working closely with governments around the world, under the guidance of some of the most seasoned experts. We believe Senator Baucus will play an instrumental role for Binance, the crypto industry, and the different government bodies around the world going forward.
The US Could Become the Leading Cryptocurrency Market With Favorable Crypto Regulations
The growing demand for cryptocurrencies by both retail traders as well as institutions has forced some of the oldest banking giants in the US to become either a direct point of sale for digital assets or gain exposure through investment in crypto-tied hedge funds and companies.
With the new administration at the helm and the likes of Gary Gensler heading the SEC who understands blockchain and digital assets have got many crypto enthusiasts hopes very high for better inclusive crypto regulations. With the right regulations in place, the US could become the leading crypto market as the likes of Coinbase are already set for public listing at a $100 billion valuation.