The former head of Intel and Uber will tackle compliance issues with crypto exchange laws.
Binance’s US division, Binance.US, has hired its first Chief Risk Officer. It was former vice president of Intel Corporation Sidney Majalaya.
In his new position, Madzhalaya will be involved in risk assessment and crypto exchange compliance issues with legislation, as well as increasing the number of group teams, according to the press release.
Majalaya believes that at Binance.US she “doesn’t have to persuade anyone to comply with the law.” In an interview with Bloomberg, he noted that crypto exchanges pay a lot of attention to regulatory issues, unlike Uber, where he is involved in similar work.
Prior to joining the Madjalaya crypto exchange team, he helped Intel comply with the law and resolve ethical issues. He previously worked in the legal department for taxi aggregator Uber prior to its 2019 IPO and as a software developer for Oracle. He also has ten years of experience as a court attorney for the US Department of Justice, according to a press release.
Bear in mind that this year crypto exchanges have seriously taken team strengthening due to the increasing attention of regulators to companies. In September, the former global development manager of Ant Group and Uber became president of Binance.US. Previously, Binance hired former US Internal Revenue Service employees.
Binance recently had to stop trading on the Singapore branch of the crypto exchange and withdraw its licensing application. Binance was blacklisted by local regulatory authorities in September. The main complaint about the trading platform is that its representatives launch businesses in the country without having a license from financial regulators.
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