Binance.Us appoints its first-ever chief risk officer https://ift.tt/3Fm6L7C

TL;DR Breakdown

• Binance.Us has appointed Sidney Majalya as the chief risk officer. 
• Majalaya was the VP Legal and Chief Compliance Officer of Intel.
• The company is aiming to go public in 2-3 years.

The US partner of the largest crypto exchange in the world, Binance.Us has appointed Sidney Majalya as the company’s first-ever chief risk officer. Majalya was the Vice President Legal and Chief Compliance Officer of Intel Corporation. He will also serve as the deputy general counsel for Binance.Us. 

Majalya is a veteran and highly-experienced professional in the legal compliance sector. Before joining Intel in 2019, he was the Director of global and legal compliance of Uber. In Binance.Us, he will be in charge of overseeing the risk and compliance issues of the company. In an interview, Majalya emphasised that Binance.Us already knows about the significance of compliance, and his job will be to ensure that the company addresses these issues more effectively going forward. Having a risk officer 

Is Binance.Us stepping towards IPO? 

Binance.Us has recently gone through a major shuffle of leadership. The former CEO, Brain Brooks resigned from the firm just after four months of joining. It was a big surprise because Brooks highly experienced professional in currency management, as he served in the Office of the Comptroller of the Currency under the Trump administration. Brooks said that his decision to leave Binance was due to  “differences over strategic direction.”

After his resignation, Brian Shroder was appointed as the CEO, who was a former executive of Uber. Both Shroder and Sidney Majalya were key figures behind Uber’s strategy of going public in 2019. With a similar hiring pattern, it’s very like that Binance.Us is also reinforcing its legal and compliance department for an effective IPO soon. 

In a recent interview with Bloomberg, Binance globals CEO CZ Zhao mentioned that the company’s US affiliates are on track for raising more than 100 million dollars in an ongoing funding round. After his appointment, Shroder announced that the company’s next target is to go public within the next 2-3 years. 

Binance has faced significant regulatory issues this year, as several countries have warned the company regarding compliance issues. However, the company has been able to successfully address most of these issues. CZ Zhao has emphasized that the company will prioritize compliance more effectively across its markets to avoid regulatory concerns and provide a secure and risk-free trading environment for its millions of users. Binance is also planning to expand its crypto services across the globe, as the company wishes to launch its dedicated crypto exchange in Indonesia soon.