• Binance has announced its plans to hire 1000 employees this year, especially to strengthen the compliance department.
• The platform’s annual regulatory compliance spending has exceeded $200 million from 2022’s $158 million.
• The exchange’s move comes in response to the growing legal scrutiny that Binance faces.

Binance, the world’s largest crypto exchange, recently shared its plans to bring on 1,000 new employees in 2024. Many of these new hires will focus on compliance, as the company aims to bolster its regulatory efforts. Reports indicate that Binance’s annual spending on regulatory compliance has jumped to over $200 million, up from $158 million in 2022.

In an interview with Bloomberg, Binance CEO Richard Teng pointed out the significance of regulations and government agencies, adding, “I’ve been a regulator all my life.” His career corroborates his words; he has been a senior regulator at the Monetary Authority in Singapore and the SGX stock exchange.

Further, Teng elaborated on Binance’s goal of increasing its compliance workforce by the end of 2024. While the platform currently boasts about 500 employees in the area, Binance aims to …

The post Binance’s Compliance Push: $200 Million and 1,000 New Hires appeared first on Coin Edition.

• Binance has announced its plans to hire 1000 employees this year, especially to strengthen the compliance department.
• The platform’s annual regulatory compliance spending has exceeded $200 million from 2022’s $158 million.
• The exchange’s move comes in response to the growing legal scrutiny that Binance faces.

Binance, the world’s largest crypto exchange, recently shared its plans to bring on 1,000 new employees in 2024. Many of these new hires will focus on compliance, as the company aims to bolster its regulatory efforts. Reports indicate that Binance’s annual spending on regulatory compliance has jumped to over $200 million, up from $158 million in 2022.

In an interview with Bloomberg, Binance CEO Richard Teng pointed out the significance of regulations and government agencies, adding, “I’ve been a regulator all my life.” His career corroborates his words; he has been a senior regulator at the Monetary Authority in Singapore and the SGX stock exchange.

Further, Teng elaborated on Binance’s goal of increasing its compliance workforce by the end of 2024. While the platform currently boasts about 500 employees in the area, Binance aims to …

The post Binance’s Compliance Push: $200 Million and 1,000 New Hires appeared first on Coin Edition.