Crypto Exchange Binance Eyes Significant Compliance Team Expansion

• The staff size would grow by 34% before the year ends as per the announcement.
• The compliance team will have more than 1,000 personnel, including 645 full-time employees.

The compliance team at Binance has recently gone on a recruiting rampage. According to an announcement made on November 22 by the exchange on its Binance Square platform, the staff size would grow by 34% before the year ends. With contractors included, the compliance team will have more than 1,000 personnel, including 645 full-time employees.

The cryptocurrency exchange has been ongoingly transformed and has “intensified its commitment to regulatory adherence” after reaching an agreement with US officials in 2023, which includes this action. During that period, it has boosted compliance expenditure by 36%.

Stringent Compliance Measures

Binance announced three executive hiring and stated it was bringing on staff from more conventional financial institutions and government bodies. Céline Inial will handle special investigations in France, while Caner Akyürek will handle the same in Turkey. Todd McElduff will head enterprise compliance.

Richard Teng, who became CEO of Binance after founder Changpeng Zhao’s departure in 2021, has previous experience as a regulator. He has previously served as chief regulatory officer of the Singapore Exchange and also headed the Financial Services Regulatory Authority at Abu Dhabi Global Market.

Along with a $4.3 billion fine and continuous rigorous surveillance for permitting deficient Anti-Money Laundering procedures at the crypto exchange, Binance and US authorities reached a deal in which Zhao resigned. In a subsequent plea agreement, CZ was penalized with a four-month jail term for a single felony offense.

In 2022, Binance also revealed a 35% rise in compliance costs, going from $158 million to $213 million. Binance has recently focused on training law enforcement and collaborating with government officials.

Highlighted Crypto News Today:

US SEC Commissioner Lizárraga Announces Exit Amid Overhaul