Leading crypto currency exchange Binance is building a group mergers and acquisition function in Hong Kong as it looks to be recognised as a more mainstream financial institution.
Min Lin, a former banker who previously worked in client coverage in the global markets division at Goldman Sachs, has joined Binance in Hong Kong as an executive director of global partnerships in M&A.
Binance is currently the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Its own cryptocurrency, Binance Coin, is the third-biggest in the world, with some $68 billion-worth in circulation.
Founder and CEO Changpeng Zhao says he is putting the company on a more traditional regulatory footing after Binance faced a clampdown in a number of regions.
In August, Binance which has operations across the world but no centrally-located headquarters halted trading of derivatives in Hong Kong citing its commitment to compliance.
Binance is now setting up a more centralised structure and is hiring dozens of compliance staff to ease regulators fears about the company. The company has also hired senior advisers including Max Baucus, former US senator and ambassador to China, to provide high-level regulatory guidance.
“As we run a centralised exchange, we have come to realise that we need to have a centralised entity to work well with regulators,” said Zhao, in an interview with the South China Morning Post. “We need to have clear records of stakeholders’ ownership, transparency and risk controls.”
The company is currently advertising for 15 positions in Hong Kong on its website, with roles across its finance and risk functions, as well as an internship in its M&A department.
Binance runs a two-to-four week recruitment process, with four interviews in that period. Successful applicants have the option of flexible working and being paid in cryptocurrencies.
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