Financial Crime, Risk & Compliance at Binance Australia with Zachary Lu

2022-09-01

With over 10 years of experience in Operational Management, Risk Assessment and Compliance, Zac Lu fights Financial Crime in his role with Binance Australia.
How about a self-introduction?

Zac: I oversee all risk management practices at Binance Australia (BAU), in particular Financial Crime risk, and I was recently appointed to the board of Binance Australia Derivatives (BAUD), the CFD product, and service arm for BAU.

My first experience with crypto was in 2018. I took a 15-month career break after a decade in traditional finance, including two major banks, to embrace my second child’s birth. This also coincided with crypto arising in the mainstream (it never stops, even now). My initial foray into crypto, however, was not love at first sight. I needed to know more about the technology before I formed an opinion.

One good thing about my career break was that it provided me with the time and energy to learn the fundamentals of blockchain technology, protocols, algorithms, etc. The rest was easy, and since then, I’ve become a firm believer in crypto, its technology, and underlying products. 

What do you hope to achieve at Binance Australia?

Zac: One of my core responsibilities is to protect. I want to leverage my knowledge and experience to fight financial crime in this emerging industry. I want users to know how to identify, prevent and protect themselves from scams. I want the business side to be armored with robust processes and controls.

How does Binance Australia cooperate with law enforcement? What kind of work does it typically involve?

Zac: I can confidently say that Binance Australia sets an exemplary benchmark when it comes to working with Law Enforcement. We have various designated channels, including an email inbox and a portal. Moreover, our straight SLA and robust end-to-end process provide additional support  to assist with investigations. We understand how vital the turnaround time is when things fall south, so our efficiency, accuracy, and level of cooperation are second to none on that front.

What is Binance Australia doing to build relations with policymakers and regulators?

Zac: BAU strives to be a leader in building and maintaining trust with policymakers and regulators. We are in a good position to showcase our technology, processes and promises to the wider Australian community. In addition to what I mentioned earlier about LE engagement, we are also actively participating in industry-led forums and regulators’ roundtable discussions and will continue to do so to keep building that relationship.

Binance Australia recently launched its Derivatives for wholesale clients platform. Could you share a bit about how this process started and the importance of this milestone for Binance Australia as well as the larger ecosystem?

Zac: The work we do at BAU aims to demonstrate our focus on user protection and clear any biases about the crypto industry. BAUD’s launch is a testament to the fact we’re able to offer a unique crypto product within a highly-regulated environment. 

There are so many things that make me proud about BAUD, including the countless late nights working with the team, the stringent onboarding process we created, and the increased adoption by the users. We’ll continue to build out the product, educate users the right way, and leave a positive impact on the larger ecosystem. 

What’s next for Binance Australia Derivatives? 

Zac: BAUD will be extending its offerings to retail users in the upcoming quarters. In the meantime, we’re beefing up the processes in our current offerings every day. There are so many things I could share, but let's do one thing at a time!

What do you believe is the next “big thing” for crypto compliance? How does Binance Australia fit into this vision?

Zac: Crypto travel rule is definitely the next ‘big thing’ globally for crypto compliance. While the practical guideline is yet to follow, it stimulates the domestic discussion around new regime requirements that should be applied to digital asset service providers. 

BAU participated in the Treasury government’s initial consultation paper and is looking forward to furthering contributions with our extensive knowledge, experience, and core focus on crypto user protection and market integrity. 

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