Binance strengthens its regulatory team with 1,000 new hires

Binance has announced plans to hire 1,000 new employees this year, with a particular focus on strengthening its compliance workforce. This comes as the exchange’s annual spending to meet regulatory requirements, including those imposed under the settlement agreement with US regulators, has exceeded $200 million.

CEO Richard Tang explained in an interview with Bloomberg News that this expansion in its workforce comes as part of the exchange’s ongoing efforts to adhere to the highest standards of regulatory compliance. Tang stressed the importance of cooperating with government regulators, pointing to his extensive experience in this field.

The settlement agreement with the US Department of Justice included a large financial penalty for some previous violations. As a result, the platform will be subject to intense regulatory oversight by US regulators for several years to come.

Tang revealed that the exchange aims to increase the number of its compliance staff to 700 employees by the end of the year, compared to 500 employees currently.

It is worth noting that Binance is receiving an increasing number of requests from law enforcement agencies around the world, with the number of such requests reaching 63,000 so far this year, compared to 58,000 requests in 2023.Tang added that the platform has allocated a large budget to enhance regulatory compliance efforts, with spending on this aspect increasing significantly over the past two years. He also noted that the US regulators appointed by the exchange have already begun to exercise their regulatory duties.