Binance Unveils Plan to Hire 1,000 Employees This Year, Prioritizing Compliance Amid Regulatory Pressure đ
Binance is set to expand its workforce by 1,000 new employees in 2024, focusing heavily on compliance roles as it faces increased regulatory scrutiny. Here are the key points:
- Regulatory Spending: Binance's spending on regulatory compliance has already exceeded $200 million.
- Compliance Focus: CEO Richard Teng announced that many of the new hires will be dedicated to strengthening Binanceâs compliance operations.
- Current and Future Workforce: The compliance team, currently about 500 strong, is expected to grow to 700 by the end of the year.
- **Leadership Insight:** Teng, a former senior regulator at MAS and CEO of FSRA at ADGM, emphasized the importance of adhering to regulatory standards.
- Strategic Changes: Under Tengâs leadership, Binance has improved its collaboration with prime brokers, tightened digital token listing criteria, and spun off its venture arm. The company is also exploring potential locations for a global headquarters, with Dubai and Abu Dhabi as possible options.
Despite ongoing legal challenges and the need for extended U.S. oversight, Binance remains committed to enhancing its compliance framework.
đ Source: Bloomberg
