Who Are the Magnificent 11 of Binance, and why are they so crucial to the company's global success?

An eleven-person all-star team of professionals in public policy, government, finance, economics, and corporate governance has been formed by Binance, the largest cryptocurrency exchange in the world by trading volume, to drive its worldwide success.

According to a press statement from Binance, the group, known as its Global Advisory Board (GAB), will counsel the exchange on some of the most challenging legal, political, and social challenges that the cryptocurrency industry is now dealing with as it "grows and evolves at a fast rate."

The team will be led by Max Baucus, a former Senate Finance Committee chairman and former U.S. ambassador to the People's Republic of China.

Ibukun Awosika, a bank executive from Nigeria, HyungRin Bang, a presidential committee advisor from South Korea, Bruno Bézard, a former economic adviser to the French prime minister, and Leslie Maasdorp, South Africa's representative to the New Development Bank, are additional members of the GAB.

Along with David Plouffe, a business, nonprofit, and political strategist based in the United States, Henrique de Campos Meirelles, a former minister of the economy and head of Brazil's central bank, Christin Schäfer, the founder and CEO of the German company acs plus, Lord Vaizey, a member of the UK House of Lords, David Wright, the chairman of EUROFI, and Adalberto Palma.

Binance aims to alter the perception of global cryptocurrency regulation

In assembling the team with a wealth of experience, Binance hopes to change perceptions of global crypto legislation. Changpeng "CZ" Zhao, the CEO and founder of Binance, said in the statement that the partnership between the exchange and the GAB experts will greatly enhance the business' capacity to manage regulatory complexity on a worldwide scale and enable it to better serve its consumers.

He continued, "This partnership between Binance and the top GAB specialists is a testament to our dedication on compliance, transparency, and establishing a collaborative relationship with the world's authorities as they develop reasonable policies globally.

Notably, Binance started assembling the team in 2021 when it hired Baucus to serve as its counselor on government relations and policy. Since then, Binance has encountered a number of regulatory breaches across numerous jurisdictions, emphasizing the need for the initiative.

While doing so, Binance is not the only cryptocurrency company doing so. Coinbase and FTX are two additional exchanges that are working on several levels to ensure that the crypto industry receives favorable regulatory clarity.