Binance, one of the world’s leading cryptocurrency exchanges, aims to make a major breakthrough in regulatory compliance processes. According to the statements, the company plans to increase its current full-time compliance team by 34% to 645 people by the end of the year. This number is expected to exceed a thousand with contractors. With this step, Binance is making significant progress in complying with global regulatory standards.
Last year, Binance founder and former CEO Changpeng Zhao was forced to pay a $4.3 billion fine for violating the Bank Secrecy Act and his resignation marked the beginning of a new era for the company. New CEO Richard Teng has taken on the task of making Binance more compliant, aiming to create a company structure that is closer to regulatory standards. Teng stated that compliance is critical for sustainability, emphasizing that this strategy will both increase user security and contribute to the company’s growth.
As of 2023, there has been a 36% increase in compliance spending. Binance Chief Compliance Officer Noah Perlman stated that the new dynamics in the industry have ushered in a new era in terms of user protection and responsible growth. Perlman stated that the company is determined to adapt to this change. Binance continues its strategy of further strengthening its compliance teams, and in this direction, Todd McElduff, who has held senior positions at PayPal, has been appointed as the company's new corporate compliance director. McElduff will manage Binance's global regulatory relations.
In addition, Céline Inial and Caner Akyürek, special investigation experts from France and Turkey, have joined the Binance family. Having worked in law enforcement for many years, these names aim to ensure that Binance fulfills its regulatory obligations more effectively.
Binance is not only strengthening its compliance team, but also aiming to raise standards for protecting its user base. These steps by the company are an important pioneer in adapting to the rapidly changing regulatory and auditing conditions in the cryptocurrency industry.