Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has recently appointed Robert MacDonald as its Chief Legal & Compliance Officer.
As per the press release, Robert’s extensive public sector and finance experience strengthens Bybit’s dedication to regulatory compliance, financial crime prevention, and strong governance.
He began his career as a criminal law lawyer in London, focused on financial crime, before joining the United Kingdom Ministry of Justice. Over the next decade, he worked in traditional finance and banking for significant global companies such as a top asset manager, South Korea’s premier eCommerce firm, and Binance.
In his new position, MacDonald will lead a joint legal and compliance team tasked with handling a wide variety of regulatory challenges. This involves handling license and registration issues, maintaining compliance with anti-money laundering (AML) and know-your-customer (KYC) rules, and strengthening compliance controls throughout the user lifetime.
MacDonald notes that inconsistent regulatory frameworks across jurisdictions pose a substantial barrier, leading to uncertainty for firms and investors.
Helen Liu, Bybit’s COO, emphasized the importance of compliance as a foundation for the company’s long-term success. She highlighted that fostering a culture of compliance is crucial for building a sustainable business model.
MacDonald expressed optimism about his new role, stating that Bybit’s commitment to responsible growth and adherence to regulations will allow it to thrive in a competitive environment.
He also pointed out that the current focus on regulating stablecoins and ensuring compliance with AML and KYC standards presents an opportunity for reputable exchanges to lead positive change in the digital asset industry.
Despite the hurdles, Robert said Bybit’s offer provided him with a chance to make a difference in the sector. He said, “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.”
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