Binance hires UK director, invokes need to comply with regulators

Quick Take

  • Binance says it hired an executive with compliance experience to serve as its UK director.
  • Regulation is in focus following FTX’s startling collapse.

While flagging efforts to remain above board in the United Kingdom, Binance announced it hired a new director.

In a LinkedIn post, Binance Regional Manager of Europe and the UK Ilir Laro said his company picked Nish Patel to be a director.

"Our main focus will be to register and comply with the UK's Financial Conduct Authority to operate a regulated crypto-asset business in the UK," Laro wrote. 

In the wake of crypto exchange FTX’s seismic collapse, regulating the trading of digital assets has quickly become a central topic among the crypto industry. At one point Binance, the world’s largest crypto currency exchange, intended to take over the flailing FTX but then walked away.

Patel previously worked in compliance for both the cryptocurrency platform Rain and Hamilton Capital Holding, according to his LinkedIn profile.

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