Binance is launching a global advisory board consisting of former government officials and financial experts, according to the company’s chief executive.

CEO Changpeng Zhao announced the establishment of the Binance Global Advisory Board (GAB), “to help chart the best path forward for Web3, crypto, our company, and our users.” 

Board members

Led by former U.S. Senator Max Baucus, who joined Binance last year, the 12-member board also includes Bruno Bezard, former head of the French Treasury; Henrique de Campos Meirelles, a Brazilian former minister of the economy; former European Commissioner David Wright, and David Plouffe, best known for managing U.S. President Barack Obama’s successful 2008 presidential campaign.

“This collaboration highlights our commitment to compliance, transparency and ensuring a collaborative, trusting relationship with the world’s regulators,” Zhao said in a tweet announcing the board.

Current reasons

In the announcement, Zhao outlined his motivation for establishing the board, based on his personal experience and expectations as a business leader. Despite gleaning a great deal of knowledge from engaging with leaders, regulators, and businesses across a wide variety of sectors, “I know that I don’t know everything,” Zhao admitted. “This is where the GAB will add a lot of value.”

In building up Binance as a global presence, Zhao said he has been able to actively engage “with leaders in countries from France to the UAE.” From this experience, Zhao understands the extent of conversation and compromise necessary to make progress with licensing and registration.

Regarding why he chose the current moment to launch the board, Zhao said that anticipates a rapidly approaching inflection point for the mass adoption of cryptocurrencies. “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 said. 

Acknowledging that his recent efforts have been focused on regulatory compliance and transparency, Zhao said he wants “to ensure that Binance is continuously drawing on its strategic counsel of experts.” The world’s largest cryptocurrency exchange recently managed to achieve its highest market share since 2017.

Binance pushing crypto payments in Bahrain

Following the announcement of the newly formed global Advisory Board, Binance has also stepped up its ability to accept crypto payments within Bahrain following its recent partnership announcement with EazyPay. EazyPay, a Bahrain-regulated Point-of-Sale (POS) and online payment gateway company will be integrating its software into Binance Pay. Allowing over 5,000 POS terminals to accept cryptocurrencies through Binance Pay.

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.

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