A legal expert from Intel Group joins Binance.US
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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.
Binance.US hired Sidney Majalya as its first Chief Risk Officer
Majalya has worked for the world’s largest semiconductor company as vice president, legal counsel, and chief compliance officer. Prior to joining Intel, he worked in the legal compliance department of Uber Technologies Inc and contributed greatly to getting the ride-hailing company listed on the stock exchange in 2019.
“I’ve had the pleasure of working for a number of companies that are changing the way our world operates, and I expect Binance.US to do the same,” Majalya said.
Majalya, who will start the new role in January, will oversee the exchange’s risk and compliance efforts, which have come under scrutiny in recent months. In July, the UK’s Financial Conduct Authority blocked Binance from completing certain restricted activities in the country. Binance’s UK unit had withdrawn its application to become registered in May after failing to meet anti-money laundering requirements.
Most recently, Binance withdrew its application for a Digital Payment Token license in Singapore and signaled it would close its local Singaporean subsidiary.
Ensuring that regulatory guidelines around digital assets protect consumers while still fostering innovation starts with education, Majalya said.
“Digital assets, crypto, and blockchain are groundbreaking technologies, and educating the world – including regulators – about how the ecosystem operates and the opportunities it creates is an essential component to developing smart regulation,” he said.
Binance.US gets serious about regulation
Majalya will report to Binance.US CEO Brian Shroder, who took over from former Acting Comptroller of the Currency Brian Brooks in September.
“In view of our focus to make Binance.US the most compliant and consumer-centric digital asset platform in the US, I know the organization will greatly benefit from Sidney’s tremendous experience, talent and judgement,” Shroder said in a statement.
As regulators around the world grapple with how to approach digital assets, it is essential that the industry engages with regulators, Majalya said, and that will be a key part of his new position.
“The unknown is always scary, and there are likely misconceptions that regulators have about digital assets and the technology behind them,” he said. “As an industry, I believe we have an obligation to educate all parties about the transformational nature of the technology and the opportunities it will afford the world. Digital assets are the future, and I am confident that regulators will come to the same conclusion.”
As the former Legal and Chief Compliance Officer at Intel, Majalya should be well-versed in antitrust, anti-bribery, and other legal compliance regulations. Moreover, earlier in his career, he served as a trial attorney in the Antitrust Division of the U.S. Department of Justice from 2004 to 2014.
Majalya’s hiring at Binance.US is seen as a clear indication that the exchange is serious about compliance. This could be crucial as U.S. lawmakers continue to put pressure on the nascent crypto industry, which market watchers say is under-regulated. But there are definitely differing views within the U.S. government on this.
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