BinanceUS taps Intel's top compliance exec to serve as chief risk officer

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BinanceUS said this week that Sidney Majalya, formerly chief compliance officer at Intel, will serve as the crypto exchange's chief risk officer.

According to a blog post, Majalya will report to CEO Brian Shroder, who was promoted to that position in October. Shroder ultimately took the helm after the exit of Brian Brooks, the former OCC chief whose several-month stint drew headlines and attention to the Binance-linked, US-based exchange. 

"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,” Majalya said in a statement.

Majalya's hire comes as Binance, facing pressure from regulators worldwide, has sought to beef up its compliance and regulatory bonafides. "We want to be regulated," Binance CEO Changpeng Zhao said during an interview last month.

BinanceUS is also seeking to raise outside capital at a multibillion-dollar valuation, as The Block reported in September.

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May 5, 2022, 3:17PM UTC