“It's going to be a kind of benchmark.”īut all regulators have their own way of working, she adds, so her focus is on building that collaborative approach and trust with the relevant agencies. “It will really help the industry,” she says. Some positive recent developments have included the European Union’s development of crypto rules, which Hughes calls “unique work.” MiCA: What Europe’s New Crypto Rules Mean for the Industry As Hughes says, “things pop up every single day." In collaboration with the company’s compliance team, Binance’s legal division is keeping an eye on the long-term trends that will shape the regulatory picture in years to come, as well as reacting to fresh developments. “It’s a group of talented professionals, some with regulatory backgrounds, a lot with private practice experience, but all of them have great skills and have been able to really learn about the business.” “I’m really proud of the team here,” she says. Though she joined less than two years ago, Hughes has seen the legal team grow from around 15 people to its current size of over 80 lawyers. To keep up with the rate at which crypto regulation is evolving, Binance has scooped up a raft of legal experts. Hughes sees Binance as having a responsibility to help protect consumers while allowing room for crypto technology to innovate. “I do have to be a little more disciplined about going to sleep,” she admits. “I don’t want to miss out on any of the conversations,” she told Decrypt. As the industry leader, Binance has submitted responses to consultations everywhere from Australia to Abu Dhabi.įor Hughes, that means keeping on top of what’s going on around the world, even if it means working longer hours. It’s a crucial time: many countries are considering what the future could look like for digital assets on their shores, and are holding consultations that invite input from key players. In that role, she was instrumental in securing regulatory approvals from the likes of Bahrain, Dubai, and New Zealand.īinance Expects to Launch New Thai Crypto Exchange in Q4 2023Īs Binance’s chief in-house lawyer, she will oversee the legal team and also work closely with the compliance department.Īs well as actively pursuing more licenses, Binance is also taking part in conversations with regulators at every opportunity. She did just that, joining Binance in late 2021, then quickly being promoted to head of legal for the Asia-Pacific and Middle East & North Africa regions. Upon her appointment as General Counsel earlier this month, CZ said he was “confident that our industry-leading legal team will continue to flourish in its mission to always protect users and manage risks on our platform” with Hughes at the helm. “One of the reasons I like working at Binance, and working with CZ, is he is open to views,” says Hughes. Hughes has become a trusted advisor to Changpeng “CZ” Zhao, Binance’s founder and CEO. Binance has secured licenses or registrations in 17 jurisdictions around the world, and is looking into more. With 15 years of experience, she is well-equipped for the task-and there’s plenty to keep her occupied. But because crypto is its own category, she sees it as a lawyer’s job to navigate those differences. To tackle these, she and the team turn to examples in other jurisdictions, comparable situations in traditional finance, and general legal principles. “Every day I’m faced with a legal question which there’s no precedent for,” Hughes explained on a call with Decrypt. For Binance’s newly-appointed General Counsel Eleanor Hughes, one of the most exciting aspects of the job is working on the frontier of an industry that is still new.
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