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 financial crime, before serving the U.K. Ministry of Justice. Over the next decade, Robert embarked on a cross-continental journey 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 navigating the rapidly evolving regulatory landscape. The team comprises a dedicated taskforce of legal counsels addressing a wide array of global legal issues and topical research, alongside a versatile compliance function that includes:
– A regulatory compliance function handling licensing and registrations across jurisdictions;
– A global compliance team of Money Laundering Reporting Officers;
– Specialists in compliance operations focusing on a safe client onboarding process and 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 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 create opportunities for legitimate crypto exchanges with the technical know-how and right culture to positively impact the digital asset industry. For regulators, the rapidly evolving technology and market growth is a pain point, with many acknowledging the demand for 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 integrates my legal, compliance, and previous crypto experiences. Bybit is on an incredible growth trajectory, and ensuring that we build a world-class legal and compliance function adhering to local regulations is key.”

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle (NYSE:ORCL) Red Bull Racing team.

For more details about Bybit, readers can visit Bybit Press.

Media Inquiries: media@bybit.com
Contact Head of PR: Tony Au
Bybit
tony.au@bybit.com