Bybit Names New Chief Legal Officer To Reinforce Compliance Measures

Bybit, the second biggest crypto exchange in the world in terms of trading volume, has chosen Robert MacDonald to be its new Chief Legal & Compliance Officer.

Robert has a strong background in public service and traditional finance, giving him lots of knowledge in following rules and fighting financial crime. This supports Bybit’s aim for legal honesty, strong compliance, and good management.

Robert will help Bybit continue to grow. He started his career as a barrister in London, focusing on criminal law related to financial crime, and then worked for the U.K. Ministry of Justice. For the next ten years, Robert traveled around the world, mainly working in banking and traditional finance.

The Team Will Enable Bybit To Adjust To The Rapidly Shifting Rules In The Field

Robert also worked with major companies, including the cryptocurrency exchange Binance. In his new position, Robert will lead a team of legal and compliance experts who will help Bybit keep up with the fast-changing rules in the industry. The team comprises a group of legal advisors who tackle different global legal matters and research topics.

There’s also a compliance team that focuses on keeping up with rules about licenses and registrations, making sure the company meets local laws, and managing money laundering risks. The team ensures a safe and responsible process for clients when they sign up.

Helen Liu, Bybit’s Chief Operating Officer, noted that Bybit’s mission is to create a company that lasts a hundred years or more. A strong base starts with a culture of following rules and doing things right. She added that the firm is excited to welcome Robert because his ten years of experience and understanding of changing rules will help Bybit grow and succeed for a long time.

Robert noted that the biggest challenge in the industry is the differences in rules between regions. Cryptocurrencies are not classified or regulated the same way everywhere, which confuses investors and businesses. He added that many governments also face problems with consumer protection, taxes, and money laundering.

Despite Challenges, Robert Is Excited About Making An Impact At Bybit

According to Robert, the team needs to stabilize and regulate stablecoins while making sure the firm follows know-your-customer (KYC) and anti-money laundering (AML) rules. These challenges give real crypto exchanges that understand the technology and have the right culture a chance to improve the digital asset industry.

Regulators see that the technology is changing quickly and that the crypto market is growing fast, leading to a demand for better rules and clearer guidelines.

Despite these issues, Robert noted that Bybit had given him a chance to make an impact in the sector. He added that he is happy to come aboard on Bibit and this position combines his compliance, legal, and past crypto experiences.