Binance.US has introduced on Manuel Alvarez, a former commissioner on the California Division of Monetary Safety and Innovation (DFPI), as its new chief administrative officer.
The California-based trade introduced the transfer Tuesday, saying Alvarez will start his new function on July 22. Alvarez has served on the DFPI since 2019 however stepped down final month. Earlier this 12 months, he was rumored to be a candidate to go the Workplace of the Comptroller of the Foreign money (OCC), the federal banking regulator that Binance.US CEO Brian Brooks beforehand ran.
The rent comes as Binance, the agency from which Binance.US licensed its model and expertise, comes underneath heightened scrutiny from numerous world regulators.
“Compliance is the important thing to creating belief with each our clients and our regulators, which is why we’re hiring acknowledged leaders within the discipline similar to Manny. He’s that uncommon good regulatory thoughts with a robust sense of legislation and compliance who additionally brings a robust expertise and Silicon Valley perspective,” Brooks stated in an announcement.
Alvarez has expertise within the fintech business along with being a monetary regulator. Previous to his work on the DFPI, he was common counsel and chief compliance officer at Affirm, a point-of-sale lending platform.
A press launch stated Alvarez will “oversee main management features” inside the trade, together with its compliance and authorized facets. The trade itself has added 110 different new staff on the regulatory, authorized and buyer help groups, the discharge stated. Brooks stated the trade solely had roughly 100 staff on the finish of Could.
In an announcement, Alvarez stated he wished to deliver his focus to digital belongings.
“All through my profession, I’ve labored to degree the taking part in discipline for Individuals searching for to realize monetary freedom, by advocating for and selling equity, transparency, training, and innovation,” he stated.