In a significant move to enhance regulatory compliance, Binance plans to expand its workforce by 1,000 employees by the end of 2024, with a major focus on compliance roles ¹. This development comes after the company's $4.3 billion settlement with U.S. authorities and increased global scrutiny.
Key Highlights:
- Compliance Team Expansion: Binance aims to grow its compliance team from 500 to 700 members, demonstrating a commitment to robust regulatory adherence.
- Increased Compliance Spending: The company expects to spend over $200 million on regulatory compliance this year, a significant increase from $158 million in 2022.
- Global Scrutiny: Binance faces ongoing investigations and settlements worldwide, underscoring the need for enhanced compliance measures.
- Leadership Focus: CEO Richard Teng, with his regulatory background, emphasizes the importance of compliance and collaboration with government agencies.
A New Era for Binance:
This expansion marks a turning point for Binance, showcasing its dedication to compliance and regulatory cooperation. With increased scrutiny and legal challenges, Binance is proactively strengthening its compliance framework to ensure a secure and reliable ecosystem for users.
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