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Yanire Martes, general counsel for digital asset banking platform Dinara, said some news about the cryptocurrency industry in recent months had “shocked his conscience.”
In one of the most high-profile examples of nasty developments, cryptocurrency exchange FTX filed for bankruptcy and its new CEO claimed the company was damaged. “Complete failure of corporate control. “
Martez said Dinara responded to various headlines, saying:Especially when it comes to compliance.
In that regard, a top priority for start-ups is to set themselves up to operate like a regulated banking entity, though they don’t have to do so directly.
“This means a level of rigor and discipline that I consider very important and really demonstrates our commitment to ensuring this is a secure and efficient platform,” said Martez Legal. told Dive.
banking regulation
Dinara aims to provide an integrated service A banking solution for venture capital firms and startups that manage and trade both fiat and crypto assets, although the website makes it clear that it is not a bank.
Yanile Martes
Courtesy of Dinara
As a result, Marthes said the company is in talks with a banking partner who could not be named at this time.
In light of this planned collaboration, Martes said Dinara has commenced operations in compliance with the Federal Bank Secrecy Act and its implementing regulations. These include anti-money laundering (AML) and counter-terrorist financing (CFT) regulations.
In addition, Dinara is registered with FinCEN and is seeking a money transfer license in all applicable states.
Martes said these efforts were resource-intensive but could be a key differentiator for Dinara in the largely unregulated digital asset space.
“This sets us apart by being proactive in building and well-establishing a comprehensive regulatory compliance function,” she said.
Martes, who joined Dinara in August, said the company’s compliance initiative also puts the company in a better position to comply with additional regulations that may be added in the future.
new role
The compliance work that Martes oversaw at Dinara arose during her first experience as general counsel.
Previously, he was OANDA’s Head of Legal and Americas, where he was responsible for legal and regulatory matters related to the launch of cryptocurrencies and other cryptocurrency products and trading services in the United States.
Her other past legal experience includes serving as a lawyer.International Swaps and Derivatives Association (ISDA) Assistant General Counsel and Morgan Stanley’s axiom attorney.
Although she is not a compliance expert, Martez said Dinara’s commitment to regulatory compliance in the crypto industry attracted her to the position.
“From the beginning, it was explained that one of the main initiatives was to build a company with a compliance foundation similar to that of regulated entities,” she said.
Martes credits the help of external consulting firm FS Vector in helping develop Dinara’s compliance operations, calling it a “trusted partner from day one.”
To this day, Dinara We are on the digital asset side of the platform and working with our banking partners to launch the fiat side of the business.
news tracking
Meanwhile, Martez said one of the benefits of watching recent headlines in the crypto industry, such as FTX developments, is that he can understand what went wrong so Dinara can point a better path. I was.
For example, Dinara clarifies that the customer’s assets belong to the customer, not Dinara, and that the customer’s assets are kept in completely segregated accounts.
Furthermore, the company is not involved in any re-hypothesis conducted by financial institutions. Secure your own borrowings by reusing assets pledged by your customers as collateral.she said Dinara also does not mix funds.
“Given what we’ve learned so far and what happened there, it turned out to be a very important factor to emphasize,” says Martes. “And if the following are real regulatory requirements, I think we are in a position to do so.”
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