Binance, hunter of regulators? The crypto giant wants its PSAN

Even closer to his enemies – Binance had recruited Stéphanie Cabossioras as Legal Director of Binance France SAS. Stéphanie Cabossioras was the former deputy director of legal affairs for the Autorité des marchés financiers (AMF). Will his recruitment allow Binance to obtain the PSAN sesame, when the company has announced that it wants invest 100 million euros in France ? Binance continues to recruit key people who previously had careers with regulators, to be in the spotlight.

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Binance and crypto regulation: former police converted

Binance has hired Seth Levy and Steven McWhirter to help it comply with regulatory requirements, including those from US and UK financial watchdogs. Seth Levy holds the position of Head of Market Surveillance at the exchange. The man worked for sixteen years at the Financial Industry Regulatory Authority (FINRA). The latter is the largest independent regulator of securities companies in the United States.

Seth Levy was notably the senior director of transaction analysis in FINRA’s market regulation department. It will take care improve monitoring capabilities of Binance transactions, to ensure that exchange customers:

“be protected against any form of nefarious activity or bad actors”

Steven McWhirter is a former member of the UK’s Financial Conduct Authority (FCA). He joined Binance as a director of regulatory policy. Steven McWhirter was the strategy and engagement manager of FCA’s data, technology and innovation division.

The British regulator had indicated, in June 2021, that Binance did not have the right to operate in the United Kingdom. This prohibition related more specifically to derivative products such as futures and options. The exchange has since made efforts to try to curry favor with the FCA.

Binance has therefore been under strong regulatory pressure from various countries since 2021. The exchange must in particular reassure American and European regulators in order to be able to carry out its development plans. But it seems above all to have success for the moment, with Middle Eastern regulators.

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