Binance.US Hires First Chief Risk Officer
(Bloomberg) -- Binance.US, the American affiliate of the largest global cryptocurrency exchange, hired Sidney Majalya from Intel Corp. to serve as deputy general counsel and the firm’s first chief risk officer.
Majalya was vice president, legal and chief compliance officer at the largest U.S. semiconductor maker. Prior to Intel, he helped build out Uber Technologies Inc.’s legal compliance department before the ride-hailing company went public in 2019.
In his new role, Majalya will oversee risk and compliance issues and expand the group’s headcount. He expects his experience at Binance.US to be different from his time at pre-IPO Uber, during which the startup expanded quickly before putting a comprehensive compliance system in place. Binance.US is “not a company where I have to come in and do convincing about the importance of compliance,” he said in an interview.
Binance.US had a surprise leadership shuffle in August when Chief Executive Officer Brian Brooks, a former Comptroller of the Currency during the Trump administration, resigned after just four months, citing “differences over strategic direction.” In September, it hired Brian Shroder, an executive formerly with Ant Group Co. and Uber, as successor.
Binance.US may raise a “couple hundred” million dollars in a funding round expected to close soon, Binance Chief Executive Officer Changpeng “CZ” Zhao said in an interview at Bloomberg’s New Economy Forum last month. The U.S. exchange aims to go public in the next two to three years, Shroder said in September.
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