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Binance.US appoints its first Chief Risk Officer, Sidney Majalya

Updated: Jul 25, 2024
Published: Dec 17, 2021
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Binance.US, the United States' branch of the world's biggest cryptocurrency exchange, has hired Sidney Majalya from Intel Corp. as its first Chief Risk Officer, who will also serve as deputy general counsel. This step seems to be a result of increasing regulatory pressure on the firm from the SEC and also an attempt from the exchange's side to decrease the risk issues related to crypto investment.

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Binance.US new hire

Majalya has attained incredible feat during his time at the world's largest semiconductor manufacturer, Intel Corp as its vice president, legal, and chief compliance officer. Furthermore, Majalya also helped Uber strengthen its legal department and served as its legal compliance department before its public listing in 2019. 

As per the report from Bloomberg, "Majalya will oversee risk and compliance issues and expand the group's headcount." Furthermore, Majalya believes that Binance.US is "not a company where I have to come in and do convincing about the importance of compliance," comparing it with his time at pre-IPO Uber.

Making big changes

A few months earlier in August, the former CEO of Binance.US, Brian Brooks, "a former Comptroller of the Currency during the Trump administration, resigned after just four months, citing 'differences over strategic direction.'" The new CEO of the firm was Brian Shroder, who has shown interest in the public listing of the company. 

Brian Shroder was earlier the president of Binance.US, and it seems that the difference in views could've been the reason why the former CEO left the firm in just four months. However, the appointment of the first Chief Risk Officer by Binance.US suggests the firm's decision to shake hands with regulatory authorities and embark upon a new journey, somewhat like Coinbase, the biggest exchange in the US. 

Binance Chief Executive Officer Changpeng "CZ," Zhao said in an interview at Bloomberg's New Economy Forum last month that the firm will raise a "couple hundred" million dollars in a funding round expected to close soon. The firm has also expanded in the UAE.

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