Binance attempts to hire Gary Gensler as an advisor before he becomes SEC Chairman

03/06/2023 20:01 • NFT Newsflash • 148 views

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

Interpret the above information:

Binance, one of the major players in the cryptocurrency trading industry, reportedly attempted to hire Gary Gensler as an advisor several years before he took on the role of Chairman of the Securities and Exchange Commission (SEC). According to the Wall Street Journal, the attempt was unsuccessful, as Gensler declined the offer despite efforts from executives at Coin An, a company funded by Binance.

Gensler, who was a professor at MIT at the time, was approached by Coin An in 2018 and 2019. The company’s executives, including Harry Zhou, the former head of the venture capital department of Qian’an, met with Gensler to discuss the possibility of him joining Binance as an advisor. According to the Wall Street Journal, Zhou wrote in a chat message that Gensler “was generous in sharing the licensing strategy,” even though he declined to become a consultant for the company.

This move by Binance to hire an advisor with Gensler’s expertise is not surprising, given his background in the financial industry. Gensler was previously the chairman of the Commodity Futures Trading Commission (CFTC) during the Obama administration, where he advocated for increased regulation of the derivatives market. He is also well-versed in the world of cryptocurrencies, having taught a course on blockchain technology at MIT.

However, Gensler’s refusal to join Binance as an advisor could be seen as a wise decision in light of his new role at the SEC. As the Chairman of the SEC, Gensler now has the power to regulate the cryptocurrency industry, which has been largely unregulated thus far. By declining Binance’s offer, Gensler was able to avoid any perceived conflicts of interest that could arise from working closely with a major player in the cryptocurrency trading industry.

In conclusion, Binance’s attempt to hire Gary Gensler as an advisor before he became the Chairman of the SEC highlights the company’s desire to recruit top talent with expertise in the financial industry and cryptocurrencies. Although Gensler declined the offer, his extensive experience in both areas make him a valuable asset for any company seeking to navigate the complex world of cryptocurrency trading.

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Binance attempts to hire Gary Gensler as an advisor before he becomes SEC Chairman

WSJ: Binance tried to hire Gary Gensler as a consultant

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