Binance is set to expand its workforce significantly this year, with a strong focus on compliance. CEO Richard Teng announced in his interview with Bloomberg that 20% of the 1,000 new hires planned for 2024 will be dedicated to bolstering the company’s compliance team, increasing the total compliance staff to 700 by year’s end.
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This move comes as Binance’s annual expenditure on regulatory compliance has exceeded $200 million, reflecting the company’s commitment to meeting global regulatory standards. The hiring surge will also extend to customer service roles, as the company aims to enhance its support infrastructure.
Teng, who has a regulatory background and previously served as a senior regulator at Singapore’s central bank, is currently in the United States engaging with officials following a significant plea deal with the Justice Department. This agreement includes a $4.3 billion penalty and ongoing compliance monitoring.
In a post on X (formerly Twitter), Teng emphasized Binance’s unparalleled investment in creating a secure ecosystem, noting that the exchange has handled over 63,000 requests from law enforcement agencies worldwide this year, up from 58,000 in 2023.
Binance’s compliance efforts have also extended to collaborative initiatives, such as a recent joint anti-crypto scam campaign with the Macau Judiciary Police. Additionally, the company has successfully reclaimed or secured more than $73 million in stolen funds so far in 2024.
Despite these efforts, Binance and its former CEO Changpeng “CZ” Zhao remain embroiled in legal challenges with the U.S. Securities and Exchange Commission (SEC), which has accused the company of violating securities laws. Teng affirmed that Binance and CZ are contesting the allegations and have sought to have the case dismissed.
This commitment to compliance mirrors similar efforts by other industry leaders, such as stablecoin issuer Tether, which also announced plans to double its workforce with a focus on compliance by mid-2025.