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Binance, the leading cryptocurrency exchange in the world, has announced that it will expand its compliance team by 34% this year. This increase shows that the platform is dedicated to keeping up with the growing regulations in the cryptocurrency industry, which is facing more scrutiny worldwide.
Binance Plans to Increase its Compliance Employees
By the end of 2024, Binance plans to employ 645 full-time compliance professionals. According to a Binance report, the exchange has over 1,000 employees focused on compliance. This increase is part of the company’s larger plan to improve its regulatory practices and meet global standards. Investing in compliance is crucial now, as there is more focus on regulations for digital assets worldwide.
Binance has faced regulatory challenges, and this recent move shows its effort to address concerns and become a compliant leader in the industry. By expanding its compliance team, Binance aims to build a strong foundation for long-term success in an industry often criticized for a lack of oversight. Likewise, the exchange has been actively working on overhauling its regulatory compliance systems.
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Last month, Binance partnered with Amazon Web Services (AWS), leveraging Amazon’s advanced generative AI to refine its Know Your Customer (KYC) procedures. This collaboration helps streamline user verification on the exchange by automating data entry, enhancing proof-of-address verification, and optimizing compliance checks.
Boost In Compliance Budget
Recall that the digital asset trading platform increased its budget in February to focus on compliance issues and international policies. The firm raised its year-over-year spending on compliance from $158 million to $213 million.
As reported by TheCoinRise, Binance purchased a fleet of new software systems capable of blocking and reporting suspicious transactions. Furthermore, the increased compliance budget reflected personnel costs, as the firm decided to bring back Steve Christie as its deputy chief compliance officer.
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Thriving Despite Legal Hurdles
Market analysts have lauded Binance’s performance despite the exchange’s numerous legal issues. Notably, last year, Binance co-founder Changpeng ‘CZ’ Zhao pleaded guilty and had to resign as chief executive officer.
The United States Department of Justice also fined Zhao and Binance $4.4 billion for willfully violating securities regulations. Although Zhao has severed his jail term, he is forbidden from returning to Binance as CEO. CZ, after his release from prison, shared details of his plans, including the Giggle Academy, an educational project launched in March.
