Binance Holdings plans to add 1,000 employees in 2024, with a focus on strengthening its compliance team. Bloomberg.
As part of this growth, the company plans to increase its compliance staff from 500 to 700.
This employment promotion is BinanceRegulatory spending is growing and now exceeds $261 million, including US plea bargain oversight.
In an Aug. 21 interview with Bloomberg News, Binance CEO Richard Teng, who previously held key roles in regulators, highlighted the growing importance of compliance in the cryptocurrency industry.
Binance has already handled 63,000 law enforcement requests in 2024, up from 58,000 the previous year, highlighting increased regulatory scrutiny.
The company’s compliance-related spending was $158 million two years ago and is expected to continue to rise.
To ensure compliance, U.S.-appointed watchdogs, including the Forensic Risk Alliance and Sullivan & Cromwell, have begun investigating Binance’s financial statements and transaction tracking systems.
Despite these efforts, Binance still faces significant legal challenges, including a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) over alleged mishandling of customer funds and other regulatory violations.
Teng, who became CEO in 2023 following a plea deal that led to the departure of Binance co-founder Zhao Changpeng, has been guiding the company through this difficult time.
Zhao, also known as C.Z. Sentenced The agreement addresses anti-money laundering violations, which carry a maximum prison sentence of four months as part of their provisions.
Under Teng’s leadership, Binance restructured its operations, introduced stricter requirements for listing new digital tokens, and Separate venture division.
However, the company has yet to establish a global headquarters or release fully audited financial statements.
Despite the ongoing challenges, Teng maintains that Binance remains profitable.
The company is currently considering potential locations for its global headquarters, with Dubai and Abu Dhabi being considered.
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