Bybit Bolsters Compliance with Appointment of New Chief Legal & Compliance Officer
Dubai, United Arab Emirates, September 30th, 2024, Chainwire
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is pleased to announce the appointment of Robert MacDonald as the new Chief Legal & 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, principled compliance, and robust governance.
Robert’s leadership will be instrumental 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 the field of financial crime, before serving the U.K. Ministry of Justice. Over the next decade, Robert embarked on a cross-continental journey mostly in traditional finance and banking, working for global institutions including one of the world’s largest asset managers, South Korea’s most popular eCommerce company, and crypto exchange Binance.
In his new role, Robert will oversee a joint legal and compliance team in navigating the rapidly evolving regulatory landscape. The team is comprised of a dedicated taskforce of legal counsels who cover a wide array of global legal issues and topical research, as well as a versatile compliance function including: a regulatory compliance function looking after licensing and registrations matters across jurisdictions and adherence to local requirements; a global compliance team of Money Laundering Reporting Officers; and specialists in compliance operations focusing on a safe and responsible client onboarding process including rigorous compliance controls throughout the user lifecycle.
“Bybit’s vision is to build a company that stands the test of time—lasting a hundred years or more,” said Helen Liu, Chief Operating Officer at Bybit. “A strong foundation begins with a culture of compliance and a dedication to doing things the right way. We’re thrilled to have Robert on board, as his decade 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 the key challenge to the industry. “There is a lack of uniformity in how cryptocurrencies are classified and regulated, which creates uncertainty for businesses and investors. Additionally, many governments are grappling with issues related to consumer protection, money laundering, and taxation,” said Robert MacDonald, Chief Legal & Compliance Officer at Bybit.“ The focus on stabilizing and regulating stablecoins and ensuring compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations are also pressing challenges. These issues give legitimate crypto exchanges with the technical know-how and right culture an opportunity to change the digital asset industry for the better. For regulators, the evolving nature of the technology and the fast-paced growth of the crypto market is a pain point, and many acknowledge a growing demand for more comprehensive regulations and clearer guidelines,” he continued.
Undeterred by the challenges, Robert said Bybit’s invitation presented him an opportunity to make a difference in the industry. “I am thrilled to join Bybit at this exciting time, this role brings together my legal, compliance and previous crypto experiences. Bybit is on an incredible growth trajectory, and doing this in a sustainable manner by ensuring we build a world-class legal and compliance function with adherence to local regulations is key”.
Caption: Robert Macdonald, Chief Legal and Compliance Officer at Bybit at a panel at InnoBLock 2024 to discuss challenges and strategies for leading crypto exchanges on Sep. 16 in Singapore.
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