Crypto exchange Binance reportedly plans to increase its workforce by 1,000 this year, with at least 20% of the new hires dedicated to compliance. This decision comes after the company spent over $200 million on regulatory compliance this year
In an interview with Bloomberg on Aug. 21, Binance CEO Richard Teng outlined that the firm aims to expand its compliance team to 700 by the end of 2024. That’s a big jump from their current team of 500.
According to the company website, Binance has more than 5,000 employees spread across over a hundred locations. Teng, a former senior regulator at Singapore’s central bank, is now in the U.S. meeting with officials following a plea deal with the Justice Department.
The plea deal involves a $4.3 billion penalty and ongoing compliance oversight. However, during his visit, Teng didn’t confirm whether he met with the Securities and Exchange Commission, which sued the company in 2023. In an Aug. 21 post on X, he stated that Binance dedicates unmatched resources, talent, and effort to proactively creating a more secure ecosystem.
Binance and Tether boost compliance amid SEC scrutiny
Richard Teng noted that Binance has received an increasing number of requests from law enforcement agencies worldwide, reaching 63,000 so far this year, up from 58,000 in 2023. One of these efforts took place in Macau, where Binance announced on Aug. 20 that it had partnered with the Macau Judiciary Police to launch a joint anti-crypto scam campaign.
Earlier in the month, Binance reported successfully reclaiming or securing over $73 million in funds stolen through hacks this year. Leading stablecoin issuer Tether is also ramping up its compliance hiring, announcing earlier this month that it plans to double its workforce to 200 by mid-2025, focusing on compliance.
Meanwhile, Binance and its former CEO, Changpeng Zhao, remain under scrutiny from the SEC for allegedly violating securities laws, among other charges.
Related | Vitalik unveils ‘Plurality’ to evolve crypto governance
