PANews reported on November 22 that according to CoinDesk, the crypto exchange Binance said that with the rapid construction of its compliance department, it is expected to have 645 full-time compliance employees by the end of this year, an increase of 34% from November last year. According to a press release issued by Binance on Friday, including contractors, the cryptocurrency exchange has more than 1,000 employees focusing on compliance work.
“Our industry has entered a new phase of paradigm shift and maturity, where regulatory compliance has become an essential standard for user experience and protection, business success, and sustainable growth,” said Noah Perlman, Chief Compliance Officer at Binance. “Binance has grown alongside regulators and other participants over the years, and the continued growth of our compliance team and program is a testament to this and to this phase of our industry that is destined for strong and sustainable growth.”
Binance's recent hiring of compliance personnel includes individuals who have worked for a long time in traditional finance and government sectors. Binance's new Chief Compliance Officer, Todd McElduff, will be responsible for the exchange's relationship with global law enforcement agencies; he previously led PayPal's global financial crime oversight department. Before that, he was the head of Morgan Stanley's financial crime department. Binance has also hired two special investigation experts, Céline Inial from France and Caner Akyürek from Turkey, both of whom have worked in their respective countries' law enforcement agencies for nearly 20 years.
