Binance CEO, Richard Teng revealed that Binance is hiring 1,000 people this year as crypto compliance expenses turns over $200 Million. Out of these thousand new jobs, some of them are specifically earmarked for compliance roles and some include customer service roles.
Richard Teng is visiting the US to meet monitors and officials. In an interview with Bloomberg News , Teng shared, “I’ve been a regulator all my life”. He added, “Government agencies are important.”
However, he denied talking on if he had met with the Securities and Exchange Commission during his US visit. The SEC is suing Binance and wasn’t part of the US settlement.
Teng said that Binance will have a 700-strong compliance department by the end of this year, which stands at 500 currently. Teng said Binance has been getting a lot of requests around 63,000 so far this year, from regulatory agencies globally. The number of requests was 58,000 in 2023.
He also informed that the compliance expenditure has gone up from $158 million two years ago and would exceed further. The monitors watching over the company’s financial statements are appointed by the US agencies, and include Forensic Risk Alliance and Sullivan & Cromwell.
“They’re going to do an assessment,” Teng said. “We’re very early in the journey.”
Teng also asserted that Binance is ‘profitable’ and revealed that Dubai, Abu Dhabi are among the cities that are short-listed as prospective headquarters.
Also Read: Binance Agrees to Pay $1.76 Million in Brazil Settlement
Source: https://www.cryptonewsz.com/binance-hire-1000-compliance-expenses-over200m/