Binance has announced its plans to hire 1000 employees this year, especially to strengthen the compliance department.
The platform’s annual regulatory compliance spending has exceeded $200 million from 2022’s $158 million.
The exchange’s move comes in response to the growing legal scrutiny that Binance faces.
Binance, the world’s largest crypto exchange, recently shared its plans to bring on 1,000 new employees in 2024. Many of these new hires will focus on compliance, as the company aims to bolster its regulatory efforts. Reports indicate that Binance’s annual spending on regulatory compliance has jumped to over $200 million, up from $158 million in 2022.
In an interview with Bloomberg, Binance CEO Richard Teng pointed out the significance of regulations and government agencies, adding, “I’ve been a regulator all my life.” His career corroborates his words; he has been a senior regulator at the Monetary Authority in Singapore and the SGX stock exchange.
Further, Teng elaborated on Binance’s goal of increasing its compliance workforce by the end of 2024. While the platform currently boasts about 500 employees in the area, Binance aims to grow the team to a robust 700. This expansion is largely due to the increasing number of requests from law enforcement agencies worldwide. The company has received 63,000 requests in 2024, a notable rise from 58,000 in 2023.
The need to hire new employees, particularly in compliance, is primarily driven by the heightened legal challenges Binance faces. Even after a $4.3 billion settlement last year, the US Securities and Exchange Commission (SEC) continues its lawsuit against the platform. A recent court ruling provided a partial win for Binance and the broader crypto industry, but it doesn’t mean the Binance lawsuit is fully resolved.
Hiring new employees, especially in the compliance department, is mainly driven by the growing legal scrutiny Binance faces. Despite a $4.3 billion settlement last year, the US Securities and Exchange Commission (SEC) continues to sue the platform. Though the recent court ruling secured a partial victory for the platform and the entire crypto industry, it doesn’t significantly mean the ultimate resolution of the Binance lawsuit.
Beyond its US legal troubles, Binance is also facing accusations from Nigerian authorities of operating without a license. A Binance executive is currently in custody there, facing separate money laundering charges. Despite pleas from his family and friends for his release due to health concerns, the authorities have not taken any significant action.
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