Max Baucus, Binance adviser and former ambassador to China, says it is appropriate that regulatory agencies look into cryptocurrencies.
March 14, 2021 | AtoZ Markets – The US Futures Trading Commission (CFTC) is not accusing Binance of any wrongdoing but is trying to understand the rapidly growing cryptocurrency industry. This was stated by the company's legal adviser, Max Baucus, in an interview with Bloomberg.
“In the end, the CFTC is just doing its job in good faith by studying cryptocurrencies,” said the former US Senator.
Interest in Binance's activities was part of the regulator's efforts in this direction, Baucus added.
The investigative report against Binance spoke about the Commission's questions about the possible admission of a US resident exchange to trading crypto derivatives without an appropriate license. The adviser acknowledged that it might be about the jurisdiction of buyers on the trading platform. The CFTC also drew attention to Binance's lack of headquarters.
On March 11, Binance announced in a press release it had hired the long-term government official to provide guidance and advice to the firm and work with US regulators.
When asked about his reasons for joining the company, Baucus said that cryptocurrencies are exciting new technologies and part of the future. He made the decision after a long conversation with Binance founder Changpeng Zhao, who convinced the ex-senator that the company was acting transparently and in accordance with the laws.
Baucus said his goal is to try to help the cryptocurrency industry work with regulators and the US Congress.
As a reminder, in November 2020, Binance demanded that American users leave the platform, offering to register on the company's American site. Binance.US has been operating since September 2019.
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