Binance establishes Global Advisory Board to work on regulatory and political issues

The former United States Senator Max Baucus will be leading the board that includes 11 other prominent figures.

As the crypto community grows, issues within the crypto community become more complex. Regulatory, political and social issues often get in the way of crypto adoption, slowing the advancements within the space. 

In response to these issues, crypto exchange Binance formed a task force called the Global Advisory Board (GAB). The board consists of individuals expected to tackle any issues that may arise as the exchange continues its initiatives to advance crypto, blockchain and Web3 adoption.

The group will be led by a former United States Senator, Max Baucus. Members include various figures like Ibukun Awosika, HyungRin Bang, Bruno Bezard, Leslie Maasdorp, Henrique de Campos Meirelles, Adalberto Palma, David Plouffe, Christin Schäfer, Lord Vaizey and David Wright. 

In a press release, Binance CEO Changpeng Zhao said that from the inception of the exchange, it faced issues that “no one even knew existed.” Zhao believes that the formation of GAB is a step toward advancing the firm’s mission. He said that:

“We always put our users first, and that’s served as a very effective North Star for us over the past five years of unprecedented, exciting growth.”

Meanwhile, Baucus expressed his excitement about the potential of crypto, blockchain and Web3. According to Baucus, they are aiming to solve complex problems and deliver socially positive outcomes.

Related: Regulated fintech in Bahrain enables crypto payments with Binance

In the recent Australian Crypto Convention, Eowyn Chen, the CEO of Trust Wallet identified barriers standing in the way of broader crypto adoption. According to Chen, these are ease of use, security, privacy and identity.

Meanwhile, Binance’s native blockchain, BNB Chain recently launched a community-run initiative that focuses on protecting users against scams and exploits. Dubbed AvengerDAO, the security-focused decentralized autonomous organization (DAO) was created to add an additional layer of security to the blockchain.