🔥💥Binance plans to hire 1,000 as it ramps up compliance: Bloomberg
#Binance CEO Richard Teng said the company plans to hire 1,000 more people this year, according to a Bloomberg report.
The company aims to expand its compliance team by adding 200 more members.
Binance CEO Richard Teng said the company plans to increase its workforce by 1,000 more employees by the end of 2024, Bloomberg reported on Wednesday. The bulk of the company’s new hires are planned to grow its compliance team from the current 500 to 700 members.
The world’s largest cryptocurrency exchange is expected to spend more than $200 million on regulatory compliance alone this year, according to the report. This includes efforts in the U.S. following a settlement with the Justice Department and other agencies.
According to Teng, two U.S.-appointed watchdogs, the Forensic Risk Alliance and Sullivan & Cromwell, have already begun evaluating the exchange’s financial statements and transaction tracking.
Global compliance
Teng, who succeeded co-founder Changpeng Zhao as CEO last year, said Binance has been receiving an increasing number of requests from law enforcement agencies globally — 63,000 so far in 2024 and 58,000 last year.
Binance became fully available in India after settling a $2.25 million fine with India’s Financial Intelligence Unit earlier this month. The exchange also agreed to pay $1.75 million in a settlement with Brazil’s SEC, which banned the exchange from offering derivatives products in the country in 2020.
The Binance CEO has an extensive background in regulatory compliance, having served as a senior regulator at the Monetary Authority of Singapore and as CEO of the Financial Services Regulatory Authority at the Abu Dhabi Global Market.
