- Binance plans to hire 1,000 employees in 2024, focusing 20% on compliance roles.
- Compliance spending has exceeded $200 million this year.
- CEO Richard Teng is in the US engaging with regulatory officials and addressing legal challenges.
Binance’s plan to hire 1,000 new employees this year highlights its strategic emphasis on enhancing compliance amid increasing regulatory scrutiny.
With a significant portion of these hires dedicated to compliance roles, the company aims to expand its compliance team to 700 by year-end, reflecting its commitment to addressing legal and regulatory challenges effectively.
Binance Boosts Compliance Workforce to Navigate Regulatory Challenges
The company’s investment in compliance has surged, with spending exceeding $200 million this year. This increase is part of a broader effort to enhance adherence to financial regulations and address past breaches, highlighted by a recent $4.3 billion settlement with US regulators. This settlement addresses various legal issues, including violations of the Bank Secrecy Act.
Richard Teng, Binance’s CEO, is currently in the US meeting with regulatory officials, focusing on improving the company’s compliance and regulatory posture. His background in financial regulation, including previous roles at the Monetary Authority of Singapore and Abu Dhabi Global Market, plays a crucial role in guiding Binance through these complex challenges.
In addition to expanding its compliance team, Binance is also increasing its customer service staff. The company is witnessing a rise in global law enforcement requests, reinforcing the need for a robust compliance strategy to manage regulatory and legal pressures effectively.
Binance’s substantial investment in expanding its compliance team and increasing its regulatory spending underscores its commitment to overcoming legal challenges and reinforcing its operational integrity.
“The amount of resources, talent, and effort that Binance invests in proactively creating a more secure ecosystem is unparalleled.”
