Summary:
Binance plans to hire 1,000 new employees this year, primarily for compliance roles.
Regulatory spending exceeds $200 million, reflecting the company's commitment to compliance.
CEO Richard Teng emphasizes the importance of adhering to government oversight amidst ongoing legal challenges.
Binance's compliance workforce is expected to grow from 500 to 700 employees by the end of 2024.
Teng has a strong regulatory background, previously serving at the Monetary Authority of Singapore.
Binance Expands Workforce for Compliance
Crypto exchange Binance is set to hire 1,000 new employees this year, focusing heavily on compliance roles as it navigates through increasing regulatory scrutiny. CEO Richard Teng announced that the company's regulatory spending has already exceeded $200 million.
In an interview with Bloomberg, Teng emphasized the necessity of enhancing compliance operations, especially after a significant $4.3 billion plea deal with the U.S. Department of Justice. Currently, Binance's compliance team consists of around 500 employees, with plans to grow to 700 by the end of 2024. Teng stated, "I’ve been a regulator all my life … Government agencies are important."
Despite facing ongoing lawsuits and extensive U.S. oversight, Teng reaffirmed Binance's commitment to strengthening its compliance framework.
Before taking the helm at Binance, Teng held prominent regulatory positions at the Monetary Authority of Singapore and the Financial Services Regulatory Authority in Abu Dhabi. Under his leadership, Binance has made several strategic changes, including improving collaborations with prime brokers and tightening the digital token listing process. However, the exchange is still in the process of determining a global headquarters, with potential locations being Dubai and Abu Dhabi.
Teng noted, "They’re going to do an assessment … We’re very early in the journey."
What are your thoughts on Binance’s expansion plans amidst these regulatory challenges? Let us know in the comments!
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