Binance.US, the US subsidiary of popular crypto exchange Binance, announced Thursday that it has hired Intel’s former Chief Compliance Officer Sidney Majalya as its first-ever chief risk officer.
Apart from working as a risk officer, Majalya will also serve as deputy general counsel to Binance, the company said in a blog post. Prior to joining Intel, he has also worked at Uber Technologies and Oracle and served as a trial attorney at the U.S. Department of Justice.
“In view of our focus to make Binance.US the most compliant and consumer-centric digital asset platform in the U.S., I know the organization will greatly benefit from Sidney’s tremendous experience, talent, and judgement,” said Binance.US CEO Brian Shroder, who took office soon after former OCC officer Brian Brooks left the position.
Majalya noted in the announcement:
“Binance.US is deeply committed to compliance, and our priority is to maintain and grow a world-class compliance and risk organization that earns the utmost confidence and trust of our customers, investors, and regulators.”
It’s no news that Binance is facing intense regulatory pressure from regulators worldwide. It recently closed down its Singapore subsidiary after withdrawing its license application from the city-state authorities.
In addition, Binance will also restrict UK traders from accessing its derivatives product offering after facing scrutiny from UK regulators since June of this year.