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Binance crypto exchange hires its first Chief Risk Officer

Binance crypto exchange hires its first Chief Risk Officer

The company seeks to avoid increasing pressure from the U.S. regulator on cryptocurrency exchange activities. 

The company's first Chief Risk Officer will be Sidney Majalya, who has over 20 years of experience. He previously worked as Vice President, Legal and Chief Compliance Officer at Intel Corporation and, before that, at Uber and Oracle. Moreover, he previously served 10 years as an attorney at the U.S. Department of Justice. 

The new employee will report directly to Binance US CEO Brian Schroder. The latter commented on his appointment as follows “I am thrilled to welcome Sidney as the latest addition to our growing executive team, as we seek to further professionalize and build a world-class compliance and risk organization”.

According to analysts, the new post should help the U.S. branch of the cryptocurrency exchange to withstand pressure from U.S. regulators and help it find consensus. Recall that in early December, 8 executives of the largest cryptocurrency exchanges in the U.S. appeared before the U.S. House Committee on Financial Services. Politicians held a meeting to discuss the future risks of new payment technologies and how to regulate this sector.

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