From the Bundeswehr to the Binance executive chair

Before Binance Germany boss Michael Wild delved into the world of finance, he was in the German armed forces for twelve years. In an interview, BTC-ECHO wanted to know how the radical change came about, how he can reconcile family and job, what steps Binance is planning for Germany and how the crypto custody license is doing.

BTC-ECHO: Before diving into the world of finance, you were in the military for 12 years. How did the radical change come about?

Michael Wild: The story is simply told. I left home when I was 17, dropped out of high school and joined the army. There I became a non-commissioned officer and then embarked on a sergeant’s career. After six years of service, I wanted to become an officer.

However, I was rejected in the selection process because of my age. By the time I was 26, I had passed the age limit.

BTC-ECHO: And then you decided to dive into the world of finance?

Wild: Not just for that reason. It was the financial crisis when I got back from my last assignment. I found the times very exciting. I wanted to know what’s going on there. Is the economic system really on the brink of collapse?

Actually, I wanted to do something academic again anyway. During my time in the Bundeswehr I had successfully completed my Abitur. After seeing reports on Frontal21, I applied to Commerzbank to study part-time. Luckily that worked.

BTC-ECHO: You were in Afghanistan, among other places. What is more strenuous: working abroad or meeting the regulatory requirements of BaFin?

Wild: These are different kinds of effort. Back then it was more of a physical strain. Luckily I never had any mental problems. It didn’t bother me that much. I even enjoyed being abroad. I came into contact with people and was able to help them. Basically it’s the same here. Binance is a people business, I interact with the regulator, talk to my employees and many interested companies from the Blockchain and Web3 world.

But to answer the question: in the Bundeswehr it was more physical and here it is more mental as you always have to be fully concentrated in order not to miss the “next big thing”.

BTC-ECHO: But what is more strenuous?

Wild: I find it harder here to be honest. But that’s probably also because I’m an old bone now. (laughs)

BTC-ECHO: How many hours do you actually work per week?

Wild: That is different. I’ve gotten into the habit of turning off my cell phone after 9 p.m. if there’s no fire. My employees know that too. What happens overnight is still relevant the next morning. I estimate between 60 and 70 hours on average, but I like doing it. I spend most of my time with my family from Monday to Friday and at the weekend.

BTC-ECHO: That was different, wasn’t it? In an interview you spoke of working weeks of 100 to 110 hours.

Wild: Yes, 100 hours, 110 would be an exaggeration. But I already had 100 hours. At that time I was working at Credit Suisse in Zurich and London on the bank’s largest risk project. More than four hundred people were involved.

Late one night I walked out of the revolving door, checked my email on my cell phone, and then went back in through the revolving door. I saw flashes of light in my eyes, but I just had to deliver.

BTC-ECHO: How often did you see your family back then?

Wild: I didn’t have a family then. I had a girlfriend. I left the job when she became my wife and we had our daughter.

At that time I was in the delivery room for fifteen hours, came out, called my boss and was supposed to take over the steering committee for the board. So I asked myself whether I really wanted to continue at this level. Monday to Thursday in Switzerland, Thursday night home, Friday home office, Saturday morning worked half again and then Saturday afternoon free and Sunday mentally prepared to go to Switzerland again.

BTC-ECHO: Has Binance gotten better?

Wild: Yes, I’m completely honest. I’m a workaholic, I have a lot of balls in the air and my colleagues know that too. My wife and I have a very clear commitment. I’m supposed to do my job during the week but find time for my family on the weekends.

However, that doesn’t stop me from kissing my two daughters every night when I get home. I’m a family man.

I often drive my little one to kindergarten before work. I take my time for that. Sometimes I’m not in the home office for two hours at lunchtime because I’m doing something with the children when my wife can’t. But you have to coordinate it, manage it and you also have to be able to let go. I couldn’t do that then. I wanted to control everything. I was an absolute control freak.

BTC-ECHO: In addition to your commitment to the family, you are currently working on a crypto custody license in Germany. How’s that going?

Wild: We are no longer working on it, we have already submitted it and also applied for proprietary trading for crypto assets.

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BTC ECHO: Right. It is now only a matter of whether permission is actually granted by BaFin. When is the time?

Wild: That’s a good point. You would have to ask the supervisor. We submitted an application for crypto custody and proprietary trading on August 19th. After that we went on vacation and have been working on the so-called operational readiness ever since. That means rolling out processes, rolling out written regulations, completing the team. We recently brought some important personalities on board. However, I cannot tell you when the crypto custody license will be available.

BTC-ECHO: How long does it usually take to get a license like this?

Wild: At Coinbase, which was the first company to get the license, it took six to eight months. We are in constant contact with BaFin. I have no insight at the moment.

However, we have received confirmation of receipt that the supervisory authorities [BaFin und Bundesbank] check our records. I expect the answers within the next four to eight weeks. Then we should get a first feedback.

BTC-ECHO: Should Binance have applied for the license earlier? Coinbase took the step very early on.

Wild: Unfortunately, I can’t say anything about that because I don’t know the old strategy. Management gave me a clear mandate to get the license and we stuck to that.

BTC-ECHO: How is the relationship between you and BaFin in general? There has been friction in the past. How does it look today?

Wild: Almost everyone knows the story by now. On my second day at work, the BaFin letter came, which was very sporty about what Binance had to do in terms of regulation. We hope to have fulfilled these expectations with the application. There was really a lot of work that went into it. In general, I think we treated each other professionally. The relationship with BaFin is now good.

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BTC-ECHO: Within the framework of the European MiCA regulation, there is the possibility of operating legally throughout the EU with a license (so-called passporting). You already have licenses in Italy and France. Does this make the crypto custody license obsolete?

Wild: In France and Italy we received registrations, not licenses. These are an achievement in themselves, but they would not be subject to passporting under MiCA.

In general, we welcome MiCA because uniform jurisdiction has finally been created. Nevertheless, Binance has decided to be regulated, registered or licensed in as many countries as possible because we also want to offer domestic customer support, for example. In addition, the licensing in Germany is considered the Prime Standard.

BTC-ECHO: Thank you for the interview.