According to Deep Tide TechFlow, on November 22, Binance stated in its latest announcement that it expects its full-time compliance team to reach 645 members by the end of 2024, a 34% increase from November last year. Including contractors, there are currently over 1,000 employees focused on compliance work.
Binance's Chief Compliance Officer Noah Perlman stated that the cryptocurrency industry has entered a new stage of maturity, where regulatory compliance has become a fundamental standard for user experience and protection, business success, and responsible growth. The latest compliance talents include Todd McElduff, former head of global financial crime compliance at PayPal, and special investigation experts Céline Inial and Caner Akyürek, who have nearly 20 years of experience from law enforcement agencies in France and Turkey. In 2023, Binance's compliance spending increased by 36% year-on-year.
In 2023, Binance paid a $4.3 billion fine to U.S. regulators for violating the Bank Secrecy Act. Subsequently, Richard Teng, a former official from Singapore and UAE regulatory agencies, took over as CEO, actively promoting compliance transformation.