Binance Seeks to Strengthen its Legal Team

By | May 17, 2022



Amidst growing uncertainty caused by the bearish run across most cryptocurrencies over the past few weeks, Binance – the leading exchange in terms of volume – is looking to heavily shore up its defenses in case of any possible inquiries from regulatory bodies.

However, this could also be an indicator of the company planning to enhance efforts at securing an even bigger market share across EMEA and APJ markets. Binance is currently not facing any lawsuits and has recently been granted a seal of approval by authorities in France and elsewhere, indicating that its legal counsel onboarding efforts may simply be de rigueur.

Over 40 Positions Awaiting Applicants

Surprisingly, despite recent upheavals in Binance US’s leadership, the overwhelming majority of open positions are with Binance Holdings Ltd., the company responsible for all firm activities outside of the US.

At the time of writing, two positions in the legal division at Binance US are taking applications. Conversely, Binance Holdings currently has 42 positions open across its own legal division.

The majority are for countries across the EMEA region, mostly for country-specific regulatory counsellors. Job openings are also available in LATAM, Hong Kong, Singapore, and elsewhere.

Part of a Greater Push for Stronger Regulation

As the value of all digital assets has taken a tumble of over $500 billion since the start of May alone, many crypto exchanges are making a concerted effort to increase regulatory oversight that could prevent future tomfoolery. Or at the very least, to hold projects with lax security responsible.

Speaking on the matter, Jessica Jung – the spokesperson for Binance – reiterated Binance’s focus on protecting consumers from unscrupulous parties.

“We have been working to staff our regulatory, compliance and security teams for months. We are working with regulators to achieve our mutual objective; To help the cryptocurrency industry grow responsibly and provide even greater security for consumers.”

Binance had a lot of regulatory issues last year, with many watchdogs questioning its operations. However, it seems as the firm was able to weather the storm and recently received licenses to operate in several jurisdictions.

The company, along with other crypto exchanges, got a license to run a shop as a limited virtual asset service provider in Dubai. More recently, it received its first European regulatory approval from the French watchdogs.

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