Binance, the biggest crypto exchange in the world, intends to add 1,000 employees this year, with at least 20% of those positions being dedicated to compliance.
This year, the corporation plans to add 200 new employees to its compliance department and another 800 workers in other departments.
The decision was made after the business topped $200 million in annual expenditures to comply with regulatory obligations.
In an interview with Bloomberg on August 21, Binance CEO Richard Teng—who has experience in regulations—described similar objectives, saying that the company wants to grow its compliance staff from 500 to 700 by the end of 2024.
According to the corporate website, Binance employs over 5,000 workers in over a hundred locations. Teng stated that customer service positions will be included in the hiring frenzy.
Following a plea agreement with the Justice Department, Teng, a former senior regulator at Singapore’s central bank, visits the US and meets with officials.
The plea agreement includes a $4.3 billion penalty and continuous compliance oversight.
He would not, however, say if he had any meetings with the Securities and Exchange Commission while travelling; the agency had filed a lawsuit against the business in 2023.
He stated, “The amount of resources, talent, and effort that Binance invests in proactively creating a more secure ecosystem is unparalleled,” in a post on X on August 21.
He reported that, compared to 58,000 in 2023, Binance had received more requests from law enforcement organizations around the globe, totalling 63,000 this year.
One occurred in Macau when Binance announced on August 20 that the company and the Macau Judiciary Police had joined forces to start a coordinated anti-crypto fraud operation. It said earlier in the month that it had successfully recovered or secured over $73 million in money that hackers had taken so far this year.
Leading stablecoin issuer Tether, is also recruiting many people to be compliant; earlier this month, the company said it intends to increase its personnel to 200 by mid-2025, emphasizing compliance.
The SEC is still pursuing charges against Binance and its former CEO, Changpeng “CZ” Zhao, for allegedly breaking securities laws.
The defendants have requested that the lawsuit be dismissed in light of the contested claims. Teng stated that Binance and CZ will keep refuting the allegations.
