2 days ago · 3 min read
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Binance appoints former Ripple executive to lead US crypto exchange initiative
Binance appointed the former head of institutional liquidity at Ripple as the lead for the exchange’s upcoming United States crypto exchange operator, BAM trading services.
According to a press release made by BAM Tuesday, the new CEO Catherine Coley will head up the launch of Binance’s recently announced outpost in North America, Binance.US, and subsequently BAM’s “market expansion” in the continent.
— Catherine Coley (@cryptocoley) July 2, 2019
BAM highlighted Coley’s dedication “to improving global access to digital assets”—the new chief whip having worked in institutional FX for Morgan Stanley and Silicon Valley Bank prior to joining Ripple.
Binance: On the road to regulation
Coley’s appointment comes on the tail of Binance’s mid-June revelation that it would be blocking U.S.-based users from its global exchange and instead servicing them with a fully regulated, local, fiat-to-crypto platform.
The move may be seen as a major breakthrough in Binance’s aspirations for global conquest, with CEO Changpeng ‘CZ’ Zhao having suggested as recently as September his major crypto exchange had little interest in winning over regulators in the North American market.
Yet, Binance has been light on details on how its new FinCEN-registered partner BAM will operate, assuring that more information will be released on how Coley’s firm will help “serve the U.S. market in full regulatory compliance”.
To Zhao, Coley may be a steady sign that Binance is ready for North American regulation.
“Our community is very lucky to have someone as passionate, versatile, and hardworking as Coley to lead Binance.US. I am confident that with Coley’s leadership and Binance’s leading technology platform, Binance.US will be able to provide valuable services to the U.S. community, said Zhao.”