Binance, the largest cryptocurrency exchange in the world, announced July 13 that Eleanor Hughes has been appointed as the company's General Counsel. Hughes, a member of Binance's legal team since 2021, will oversee 85 lawyers and work closely with Binance's Compliance team.
Hughes believes that this is a transformational time for the digit-asset industry, which is being quickly accepted in the mainstream and is evolving into a mature, regulated sector, according to the announcement. Hughes stated she is "excited she is to lead the accomplished legal team at Binance during such a pivotal time," the announcement reports.
“Together with regulators, Binance has the responsibility as an industry leader to ensure consumers are protected while leaving space for the technology to keep growing and innovating," Hughes said in the announcement. "Our team will continue to engage and collaborate closely with regulators around the globe to achieve this vision.”
Hughes has more than 15 years of legal experience, including two at Binance, according to the announcement. As the company's General Counsel, Hughes will support the company's "commitment to responsibly grow the global Web3 industry in close collaboration with regulators and policymakers around the world," the announcement reports. She previously served as Binance's Head of Legal for APAC (Asia-Pacific) and MENA (Middle East and North Africa), where she was "instrumental" in helping the company obtain licenses and registration in countries including New Zealand and Bahrain.
Hughes' appointment to General Counsel comes as Binance is under regulatory pressure in the U.S., facing a lawsuit from the U.S. Securities and Exchange Commission (SEC) filed in June, the Federal Newswire reported June 6.
Binance stated in a blog post responding to the lawsuit that the company has engaged in "extensive good-faith discussions" with the SEC, and is "disheartened" that the SEC has chosen to pursue litigation.
"Unfortunately, the SEC’s refusal to productively engage with us is just another example of the Commission’s misguided and conscious refusal to provide much-needed clarity and guidance to the digital asset industry," the company stated in the blog.
Hughes has become a "trusted advisor" on legal matters to Binance founder and CEO Changpeng "CZ" Zhao, according to the announcement.
“With Eleanor at the helm, I am confident that our industry-leading legal team will continue to flourish in its mission to always protect users and manage risks on our platform," CZ said in the announcement.
