Bybit enhances regulatory compliance with the appointment of a new Chief Legal and Compliance Officer | Currency News

Dubai, United Arab Emirates, September 30, 2024, Chainwire

Bybit, the world’s second largest cryptocurrency exchange by trading volume, is pleased to announce the appointment of Robert MacDonald as its new Chief Legal and Compliance Officer. With a distinguished career spanning both the public sector and traditional finance, Robert brings a wealth of expertise in regulatory compliance and combating financial crime, reinforcing Bybit’s commitment to legal integrity, compliance and sound governance.

Robert’s leadership will play a key role in paving a sustainable and responsible path for Bybit’s continued growth. He began his career practicing criminal law as a barrister in London, specializing in financial crime, before working for the UK Ministry of Justice. Over the next decade, Robert embarked on an intercontinental journey, primarily in traditional finance and banking, working for global institutions including one of the world’s largest asset managers, the most popular eCommerce company in South Korea, and the Binance cryptocurrency exchange.

In his new role, Robert will oversee a joint legal and compliance team that will navigate the rapidly changing regulatory environment. The team consists of a dedicated task force of general counsel who cover a wide range of global legal issues and thematic research, as well as a comprehensive compliance function that includes: a regulatory compliance function that deals with licensing and registration matters in different jurisdictions and compliance with local requirements; a global compliance team of money laundering reporting specialists; and compliance operations specialists focused on a safe and responsible customer onboarding process that includes rigorous compliance checks throughout the user lifecycle.

“Bybit’s vision is to build a company that stands the test of time and lasts for a century or more,” he said Helen Liu, Chief Operating Officer at Bybit. “A strong foundation starts with a culture of compliance and a commitment to doing things right. We are thrilled to have Robert on board as his decades of experience and keen insight into evolving regulatory trends will be invaluable to our continued growth and long-term success,” she added.

Robert said he sees inconsistencies in regulatory frameworks across jurisdictions as a major challenge for the industry. “There is a lack of uniformity in the classification and regulation of cryptocurrencies, which creates uncertainty for businesses and investors. In addition, many governments are struggling with issues related to consumer protection, money laundering and tax,” he said Robert MacDonald, Chief Legal and Compliance Officer at Bybit.” Focusing on stabilizing and regulating stablecoins and ensuring compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations are also urgent challenges. These issues offer legal cryptocurrency exchanges with technical expertise and the right culture a chance to change the digital asset industry for the better. For regulators, the evolving nature of technology and the rapid growth of the cryptocurrency market is a concern, and many acknowledge there is a growing need for more comprehensive regulation and clearer guidance,” he continued.

Undeterred by the challenges, Robert said that Bybit’s invitation gave him the opportunity to make a difference in the industry. “I am thrilled to be joining Bybit at this exciting time. This role combines my legal, compliance and previous experience with cryptocurrencies. Bybit is on an incredible growth trajectory and it is crucial to do so in a sustainable manner, ensuring we build a world-class legal and compliance function while adhering to local regulations.”

Caption: Robert Macdonald, Chief Legal and Compliance Officer at Bybit on a panel at InnoBLock 2024 to discuss challenges and strategies for leading cryptocurrency exchanges on September 16 in Singapore.

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second largest cryptocurrency exchange by trading volume, serving over 50 million users. Founded in 2018, Bybit provides a professional platform where cryptocurrency investors and traders can find an ultra-fast matching engine, 24/7 customer support, and multilingual community support. Bybit is a proud partner of the current champion constructors and drivers of Formula 1: the Oracle Red Bull Racing team.

Bybit enhances regulatory compliance with the appointment of a new Chief Legal and Compliance Officer | Currency News | Financial and business news

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