- Binance has announced its approach to expanding its workforce by hiring 1K employees.
- Binance aims to expand its compliance team from 500 to 700 members by the end of 2024.
Binance Holdings Ltd., the world’s largest cryptocurrency exchange, will hire 1K new employees this year. Binance is significantly focusing on expanding its compliance team. This hiring spree comes as the company’s spending on regulatory compliance exceeds $200 million annually.
Richard Teng, the CEO of Binance, shared these plans during an interview with Bloomberg News in New York. Teng emphasized Binance’s commitment to meeting regulatory requirements as it continues to grow under increased scrutiny from global authorities.
The company aims to expand its compliance team from 500 to 700 members by the end of 2024. It’s crucial as Binance is under U.S. oversight after a $4.3 billion plea deal in 2023.
The plea deal came after Binance’s former CEO, Changpeng Zhao failed to prevent illicit activities on the platform. As part of the agreement, Zhao stepped down as CEO, and Teng took leadership. Zhao is presently serving a 36-month jail time for violating laws against money laundering.
Also earlier this year, Binance requested the release of Tigran Gambaryan and Nadeem Anjarwalla in a similar accusation. They were detained in Nigeria for alleged illegal transactions, and the tax evasion trial was postponed to October.
Under Teng’s leadership, Binance has made several changes, including tightening requirements for listing new digital tokens and capturing new projects.
Binance’s Efforts in Compliance Expansion Amid Global Scrutiny
The company continues to operate in several markets, and Teng highlighted that they are considering Dubai and Abu Dhabi as potential locations for global headquarters.
In addition, Binance is also responding to an increasing number of requests from law enforcement agencies globally. In 2024, Binance received 63,000 requests, and 58,000 requests in 2023.
Earlier this year, U.S.-appointed monitors, including Forensic Risk Alliance and Sullivan & Cromwell, began assessing the company’s financial statements and transactions which has strengthened Binance and its regulations.Â
With the planned hiring and ongoing compliance improvements, Binance is positioning itself to handle the growing demands of global regulations while continuing to lead in the cryptocurrency space.
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