Binance Hires Former Brazilian Central Bank President As Advisor

September 5, 2022 10:08 pm

The largest cryptocurrency exchange Binance just hired the former Brazilian Central Bank president as a new member of its advisory board.

This marks a new milestone for the exchange and indicates a continuation of regulation executives joining the crypto industry.

The company says that it will reveal more details about Henrique Meirelles joining the company soon and what it could mean for the company’s future operations.

Speculators believe that this will likely be a positive thing for the overall crypto industry as the South America region has been known as one of the fastest adopters of digital assets and blockchain.

CoinDesk reports:

“Binance confirms the participation of Henrique Meirelles in the company’s new global advisory board and reports that it will release more details about this initiative soon,” the company said in a statement after the Brazilian newspaper O Globo reported the appointment.

Meirelles was president of Brazil’s central bank between 2003 and 2011 during the presidency of Lula da Silva. He served as economy minister from 2016 to 2018, a position in which he participated in the first meetings on cryptocurrencies held at a Group-of-20 event in 2017.

Meirelles could return to public office should da Silva win the October presidential elections, where his main challenger is the current president, Jair Bolsonaro.

Based on this, it is likely that Binance is getting more and more serious about complying with local regulations in each of the regions that it operates in.

After all, this would be one of the main benefits of hiring a former high profile government official.

Binance is also currently in talks with the country of Nigeria about a creating crypto-friendly digital city which makes Nigeria a promising market for crypto in general.

So far, it looks like it is the US that seems to pose some obstacles when it comes to over-regulation as the CEO of Binance has had some past conflict with US regulators.

BeInCrypto.com reports:

The trading platform is in talks with the Nigerian authorities about creating a crypto-friendly digital city inspired by Dubai’s virtual free zones.

The city would become the first in West Africa, similar to Dubai’s free zones that provide a crypto-friendly legal framework and tax incentives.

Nigeria is a promising market for the industry, with over 22 million people holding cryptocurrency.

A recent report revealed the U.S. federal prosecutors requested information (to be submitted voluntarily) related to money-laundering data and communications of the platform’s CEO, Changpeng Zhao (CZ). This included messages between CZ and other executives back in 2020.

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