In Brief:
- Binance.US has appointed Sidney Majalya as the company’s first chief risk officer.
- Earlier he worked in Intel and Uber Technologies Inc.
- He will supervise risk and compliance problems as well as increase the group’s headcount
Binance.US, the US arm of the largest cryptocurrency exchange platform Binance has appointed Sidney Majalya from Intel Corp. to serve as deputy general counsel and the company’s first chief risk officer.
Majalya worked for the world’s largest semiconductor company as a vice president, legal counsel, and chief compliance officer. Prior to joining Intel, he worked in Uber Technologies Inc.’s legal compliance department in the run-up to the ride-hailing company’s IPO in 2019.
Majalya will supervise risk and compliance problems as well as increase the group’s headcount in his new post.
He anticipates that his time at Binance.US to be different from his time at Uber before its IPO, when the company grew swiftly before putting in place a rigorous compliance structure.
He said in an interview that, “Binance.US is not a company where I have to come in and do convincing about the importance of compliance.”
Just last month Amjad Qaqish was hired as the Director of Global Suspicious Activity Report by Binance to keep an eye on crypto exchange’s system for reporting questionable activities.
In August Chief Executive Officer Brian Brooks of Binance, who was a former Comptroller of the Currency during the Trump administration, abruptly quit after only four months, citing “differences over strategic direction.”
Brian Shroder, a former executive of Ant Group Co. and Uber, was hired as the company’s replacement in September.
Binance.US Chief Executive Officer Changpeng “CZ” Zhao said in an interview at Bloomberg’s New Economy Forum last month that the US may raise a “couple hundred” million dollars in a funding round that is scheduled to close soon.
Also according to Shroder, the US exchange plans to go public in the next two to three years.
