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Binance US Announces New General Counsel Hire

Binance.US New Counsel

Binance.US, the American affiliate of Binance, prepares itself for a challenging year ahead with its latest hire, Norman Reed, for the position of General Counsel. In an announcement on Binance.US’s official blog, Norman’s role will be to drive compliance efforts for the platform. 

Norman’s appointment on December 20 came days after Binance.US announced the appointment of Sidney A. Majalya with experience in compliance in his former employment with Intel Corporation.

“It is a rare opportunity to find a legal leader with Security and Exchange Commission and Federal Reserve Bank as well as Crypto and FinTech experiences;  thankfully we found that in Norman,” said Brian Shroder, Chief Executive Officer of Binance.US in the platform’s blog welcoming the new hire.
Source: Norman Reed was the second top-level hire for compliance after Binance hired its first Chief Risk Officer on December 16

Norman Reed was formerly the general counsel for Ripple Labs and Nanopay. He stood in as the interim general counsel after Christopher Robbins stepped down after a short 7-month stint as Binance.US’s general counsel.

Reed also served as a managing director of the Depository Trust & Clearing Corporation. He has also worked at the Security and Exchange Commission’s Division of Trading and Markets and the Federal Reserve Bank of New York

Regulation Will Take Centre Stage in 2022

Binance.US is positioning itself for an incoming crypto regulation in 2022. The top hires suggest that regulation and compliance are the main focus.

In June, Changpeng Zhao, the Chief Executive Officer (CEO) of Binance, disclosed plans of taking Binance.US public through an Initial Public Offering (IPO). 

Source

In view of these two priorities in 2022, individuals with regulatory and compliance experience will drive the way forward.

Bloomberg Intelligence predicts that the US will embrace crypto regulation in 2022 in its Global Cryptocurrencies 2022 Outlook report. Binance acknowledges that crypto regulations must be embraced by localizing its operation to be jurisdiction-centric. 

Compliance Roadmap

Binance’s focus on compliance is not confined to its affiliate’s operation in the US. The digital asset platform will take the same approach to all of its operations. 

Regulators around the world are starting to take proactive steps to reign in crypto exchange platforms as crypto adoption goes mainstream. Therefore, Binance’s operation will have to evolve. 

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