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Binance said on Thursday it had appointed a former DFSA executive as its chief regulatory liaison, part of an attempt by the world’s largest crypto exchange to undo regulatory red flags and reinvent itself as a regulated financial firm.

Binance and Huobi, two of the largest crypto exchanges in the world, have stopped taking in new accounts from users in China with Huobi going one step further and saying that it would shut down all the accounts of users from China by the end of the year.