Binance taps former central bank exec to push compliance in CIS and Russia
Binance has tapped a former central bank executive to help boost compliance in the cryptocurrency industry. She will be advising regulators and business partners on how best to approach some vexing issues like cybersecurity, anti-money laundering, and taxation.
The “btc squeeze” is a cryptocurrency that has been seeing major price fluctuations. Binance, a cryptocurrency exchange, recently tapped a former central bank exec to help push compliance in CIS and Russia.
Binance, the world’s biggest cryptocurrency exchange, is concentrating its efforts on the Commonwealth of Independent States (CIS), Russia, and Ukraine to improve compliance.
Gleb Kostarev, Binance’s director of operations for Russia and the CIS, told Cointelegraph on Tuesday that the company plans to expand its operations in the area and improve local cryptocurrency compliance and education. He also said that the business intends to concentrate on the local Binance Smart Chain (BSC) development and community.
Binance announced numerous local hiring as part of the endeavor, including Olga Goncharova, the company’s new head of government relations in Russia and the CIS.
From 2014 until 2016, Goncharova was the director of the Bank of Russia’s report processing department. She was in charge of processing financial statements from enterprises supervised by the central bank, as well as overseeing various Bank of Russia fintech and digital transformation initiatives.
“Binance puts a high value on regulation and compliance in its operating locations. “Binance’s unique community, cutting-edge technology, and creative approach to work provide Binance with tremendous growth potential,” Goncharova added.
Vladimir Smerkis, co-founder of Tokenbox, has also joined Binance as director of Binance Russia. Kirill Khomyakov, a former BNP Paribas executive who will serve as general manager of Binance Ukraine, is another new regional recruit.
“The new executives’ solid track record will undoubtedly have a good influence on Binance’s rising presence in Russia, Ukraine, and Eastern Europe,” Kostarev added.
Related: The Bank of Russia will enable foreign corporations to invest in cryptocurrency.
Binance’s newest announcement is a major strategic move, as the area has been rapidly rising as one of the world’s most important crypto hotspots and mining hubs.
Kazakhstan, a prominent CIS member state, is the world’s second-largest Bitcoin (BTC) mining nation behind the United States, accounting for 18% of global BTC mining hash rate in October 2021. According to statistics from SimilarWeb, Russia contributes 11% of the worldwide BTC mining hash rate and is the third-largest visitor to Binance’s website after Kazakhstan.
The “crypto short squeeze” is a term used to describe the situation where investors are buying up an asset and driving its price higher. In this case, Binance has hired a former central bank exec to push compliance in CIS and Russia.