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Binance’s Attempt to Hire Gary Gensler as Adviser Before SEC Chairmanship

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According to reports, according to the Wall Street Journal (WSJ), the cryptocurrency trading giant Binance hopes to hire Gary Gensler as an adviser several yea…

Binances Attempt to Hire Gary Gensler as Adviser Before SEC Chairmanship

According to reports, according to the Wall Street Journal (WSJ), the cryptocurrency trading giant Binance hopes to hire Gary Gensler as an adviser several years before he becomes the chairman of the Securities and Exchange Commission. According to the Wall Street Journal citing a large amount of information from the employees of Coin An, Gensler refused. The Wall Street Journal said that in 2018 and 2019, Gensler worked hard to let Gensler join when he was a professor at MIT. These efforts included a meeting with Gensler, Ella Zhang, and Harry Zhou, the former head of the venture capital department of Qian’an, in October 2018. Zhou was working for a company funded by Binance. According to the Wall Street Journal, Zhou wrote in a chat message at that time: “I observed that although Gensler refused to serve as a consultant, he was generous in sharing the licensing strategy.”

WSJ: Binance tried to hire Gary Gensler as a consultant

Interpretation of the news:


The Wall Street Journal has reported that Binance, a leading cryptocurrency trading platform, had hoped to employ Gary Gensler as an adviser several years prior to him being named chairman of the Securities and Exchange Commission (SEC). The report cites sources from Coin An, Binance’s former venture capitalist department, who stated that Gensler declined the offer.

It is highlighted that Gensler’s involvement with Binance dates back to 2018 when he was still a professor at MIT. At that time, Binance made various approaches, including arranging a meeting between Gensler, Ella Zhang, and Harry Zhou, with Zhou at that time employed at Binance-funded company V Trust. According to the Wall Street Journal, Zhou’s chat message during that meeting mentioned Gensler’s refusal to be an adviser but was forthcoming about licensing strategies.

Binance’s interest in hiring Gensler as an adviser is not surprising given his reputation and experience in regulation and cryptocurrencies. Gensler has a background in finance and worked as the chairman of the Commodity Futures Trading Commission during the Obama administration. During his tenure at the CFTC, he was recognized for his effort to promote transparency within the derivatives market.

Binance’s interest in hiring Gensler may also be linked to the company’s efforts to improve its regulatory compliance. The lack of regulation in the cryptocurrency industry has drawn criticism from lawmakers and regulators, including the SEC. Gensler’s appointment as SEC chairman has put the company and the crypto industry on notice that the regulatory landscape is likely to become more stringent.

In conclusion, Binance’s attempt to hire Gensler as an adviser before his appointment as SEC chairman highlights the company’s interest in regulatory compliance and the sophistication of the cryptocurrency market. The lack of regulatory oversight in the industry is a significant challenge, and Gensler’s past experience positions him to be a critical player in the development of the regulatory framework for cryptocurrencies.

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