Who Are Binance’s Magnificent 11 and Why Are They So Important for its Global Success?

Source: AdobeStock / Iryna Budanova

Binance, the world's largest cryptocurrency exchange by trading volume, has announced the creation of an eleven-person all-star team of experts in public policy, government, finance, economics, and corporate governance to spearhead its global success. 

In a press release, Binance stated that the team which will be called its Global Advisory Board (GAB) will advise the exchange on some of the most complex regulatory, political, and social issues facing the entire crypto industry as it "grows and evolves at a fast pace." 

Max Baucus, former U.S. Ambassador to the People's Republic of China; former Chairman of the Senate Committee on Finance under the Obama administration, is to head the team. 

Other members of the GAB include Nigerian bank executive, Ibukun Awosika; South Korean Presidential Committee advisor, HyungRin Bang; Former Economic Advisor to the French Prime Minister, Bruno Bézard; and South Africa's representative to the New Development Bank, Leslie Maasdorp. 

As well as, Henrique de Campos Meirelles, Brazil's former Minister of the Economy and former central bank president; Adalberto Palma, Honorary Board Member of The Aspen Institute Mexico; U.S.-based Business, Non-Profit and Political strategist, David Plouffe; Christin Schäfer, founder and Managing Director of German company acs plus; Lord Vaizey, member of the U.K. House of Lords; and David Wright, the chairman of EUROFI. 

Binance looking to change the global crypto regulatory narrative 

Binance's goal for forming the experience-laden team is to influence the narrative around crypto regulations globally. In the statement, CEO and founder of Binance, Changpeng 'CZ' Zhao, commented that the collaboration between the exchange and the GAB experts will supercharge the company's ability to manage regulatory complexity globally to help it better serve its users. 

"This collaboration between Binance and the leading experts of the GAB is a testament to our focus on compliance, transparency, and ensuring a collaborative relationship with the world's regulators as they develop sensible regulations worldwide," he added. 

Notably, Binance began building the team in 2021 when the company brought on Baucus to act as its policy and government relations advisor. Since then, the need for the effort has been highlighted by Binance running into a series of regulatory infractions in multiple jurisdictions. 

Meanwhile, Binance is not the only crypto firm making such efforts. Other exchanges working at varying scales to see the crypto industry get regulatory clarity at favorable terms include Coinbase as well as FTX.