Bybit Strengthens Compliance with Appointment of New Chief Legal & Compliance Officer

Dubai, United Arab Emirates, September 30th, 2024

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced the appointment of Robert MacDonald as its new Chief Legal & Compliance Officer. Robert brings a distinguished background in regulatory compliance and fighting financial crime, greatly enhancing Bybit’s commitment to legal integrity and strong governance.

His leadership is expected to be crucial in guiding Bybit towards sustainable growth. Robert’s career began as a criminal law barrister in London, specializing in financial crime, and he subsequently served in the U.K. Ministry of Justice. He has spent the last decade working primarily in traditional finance and banking, holding positions at major global institutions, including one of the largest asset managers in the world, a leading eCommerce company in South Korea, and at the cryptocurrency exchange Binance.

In his new role, Robert will lead a combined legal and compliance team that addresses the rapidly changing regulatory environment. This team includes dedicated legal counsels dealing with global legal challenges and topical research, as well as a compliance function that manages licensing and registration across jurisdictions, ensuring adherence to local laws. The compliance team also includes Money Laundering Reporting Officers and specialists focused on secure client onboarding and rigorous compliance controls throughout the customer lifecycle.

“Bybit’s vision is to build a company that stands the test of time—lasting a hundred years or more,” stated 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; his extensive experience and insight into evolving regulatory trends will be invaluable for our growth and long-term success,” she added.

Robert identified inconsistencies in regulatory frameworks across regions as a major challenge for the industry. “There is a lack of uniformity in how cryptocurrencies are classified and regulated, leading to uncertainty for businesses and investors. Governments face significant challenges related to consumer protection, money laundering, and taxation,” said MacDonald. He emphasized the urgent need for stability and regulation concerning stablecoins and compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations. Robert believes that these issues present an opportunity for reputable cryptocurrency exchanges with the right expertise and culture to positively impact the digital asset industry. Many regulators recognize the fast-paced growth of the crypto market and the demand for comprehensive regulations and clearer guidelines.

Despite the challenges, Robert sees his role at Bybit as an opportunity to foster change within the industry. “I am excited to join Bybit at this pivotal moment. This position allows me to blend my legal, compliance, and cryptocurrency experiences. Bybit is on a remarkable growth trajectory, and establishing a world-class legal and compliance function while adhering to local regulations is essential,” he stated.

Robert MacDonald recently participated in a panel at InnoBLock 2024, discussing challenges and strategies for leading cryptocurrency exchanges.

About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users since its establishment in 2018. The platform provides a professional environment for crypto investors and traders, featuring an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit has partnered with Formula One’s reigning Constructors’ and Drivers’ champions, the Oracle Red Bull Racing team.