Former Brazil Central Bank President Becomes Binance’s New Advisor

• Binance hired former Central Bank President of Brazil Henrique Meirelles as a member of its advisory board.
• By appointing Meirelles, Binance showed its seriousness on legal regulations.
• According to Binance, the hiring of Meirelles was a result of much legal and public scrutiny.

A Brazilian-based newspaper O Globo reported that Binance, the popular crypto exchange, hired former Central Bank President of Brazil Henrique Meirelles as a member of its advisory board.

The report stated:

Binance confirms the participation of Henrique Meirelles in the company’s new global advisory board and reports that it will release more details about this initiative soon.

A crypto-related insight Twitter account @BTC_Archive shared a post on Twitter detailing this development. The community responded positively to this news as evidenced by the comments under the Twitter personality’s post. 

By hiring a high-profile government official as its advisor, Binance proves to be serious about the company’s legal status, adhering to the international regulators. The appointment makes it clear that the exchange has gone through both public and legal scrutiny.

The political history of Meirelles is interesting. He worked under President Luiz Inacio Lula da Silva as the President of Brazil’s Central Bank from 2003 to 2011. Later, for two years (2016-2018), he worked as the country’s finance minister. The inclusion of such a prominent figure on Binance’s advisory board can be seen as the country’s initiative to implement regulations for the crypto market.

In related news, Binance also plans to join with Nigeria to create a crypto-friendly legal digital city. Recently, the US requested Binance to provide information on the company’s anti-money laundering policies, to which the CEO Changpeng Zhao responded positively. Zhao tweeted that he voluntarily provided the required information in a “semi-public” way.