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22/08/24
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Binance Boosts Workforce by 1,000 to Enhance Compliance Amid Regulatory Challenges
Binance, the largest cryptocurrency exchange globally, is set to increase its workforce by 1,000 employees this year, with a significant portion dedicated to enhancing compliance measures. This strategic recruitment initiative is driven by the fact that the company’s annual expenditure on regulatory compliance has surpassed $200 million. The CEO of Binance, Richard Teng, who has a regulatory background, indicated that the goal is to expand the compliance team from 500 to 700 members by the end of 2024.
Currently, Binance employs over 5,000 staff members across more than a hundred locations. Alongside compliance roles, the hiring campaign will also prioritize customer service positions. Teng, who previously served as a senior regulator at Singapore’s central bank, is visiting the United States for discussions with officials, building on recent developments, including a plea deal with the Justice Department that mandates a $4.3 billion fine and ongoing compliance oversight.
Amid these efforts, the company is also responding to an increasing number of requests from law enforcement agencies worldwide. So far this year, Binance has received approximately 63,000 such requests, a rise from 58,000 last year. In a bid to address the growing concern over crypto-related scams, Binance has partnered with the Macau Judiciary Police to launch a joint anti-scam campaign. Additionally, the exchange has successfully recovered over $73 million in stolen funds resulting from hacks in the current year.
As Binance navigates these challenges, it is not alone in the compliance hiring trend. Tether, a leading stablecoin issuer, has announced plans to double its personnel to 200 by mid-2025, with a keen focus on compliance as well. While Binance continues to confront allegations from regulatory bodies regarding securities law violations, the company remains committed to contesting these claims, alongside its former CEO, Changpeng Zhao.
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