Binance.US Hired Sidney Majalya, Former Intel Compliance Chief

BinanceUS hired Sidney Majalya who previously worked as an Intel top compliance executive as we are reading more in today’s Binance news.

BinanceUS hired Sidney Majalya who also was a federal antitrust attorney and managed Oracle’s and Uber’s compliance offices. Now he will be joining binance.US and he will report directly to Brian Schroder, the CEO of the exchange according to the blog post.

Schroder’s hiring of Majalya means that the exchange Is focused on improving on the compliance front. This could be of huge importance as US lawmakers continued to apply pressure for the crypto industry which some argued that is under-regulated:

“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.”

As recently reported, Binance is closing the trading platform branch in Singapore by February as it withdrew its application for a local license in the country. The unexpected move by the Singaporean branch of the exchange ended in an effort that started last year to gain approval from the Singaporean authorities. Binance Is closing the trading platform by February as Binance Asia said in an email statement sent to Bloomberg.
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The exchange didn’t provide more details about the decision and why they are backing away from the crypto-friendly country but it only said it would refocus the local unit’s operations on becoming the best blockchain innovation hub. Until now, Binance was operating under a temporary exemption during the licensing process and the MAS said that the applicants operating under the exemption will be required to cease providing these kinds of regulated payment services.

The world’s leading crypto exchange Binance and MDI Ventures partnered together to expand the blockchain ecosystem in the Asian country by launching a new digital asset exchange. The trading venue has been in talks with PT Central Bank Asia controlled by the brothers Michael and Budi Hartono which is the richest family in Indonesia as well as PT Telekom Indonesia with the three parties aiming to create a blockchain venture on the island and encourage mass crypto adoption in the part of the world.