Finance

Binance Expands Compliance Team with 1,000 New Hires

Aug 22, 2024 1 min read

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Binance Holdings Ltd., the world's largest crypto trading platform, plans to hire 1,000 employees this year, focusing significantly on compliance roles. This expansion aims to boost the compliance workforce from about 500 to 700 by 2024. CEO Richard Teng, who is currently visiting the US to discuss these goals with monitors and officials, highlighted that the company's annual spending on regulatory requirements now exceeds $200 million, up from $158 million two years ago.

The hiring spree also includes customer service roles and comes amid a rebound in crypto prices and trading volumes from the bear market in 2022. Despite ongoing legal challenges, including a lawsuit from the Securities and Exchange Commission (SEC), Teng stated that Binance remains committed to addressing regulatory scrutiny. The company continues to see an increase in law enforcement requests, reaching 63,000 so far this year, compared to 58,000 in 2023. Binance has yet to designate a global headquarters or release a fully audited set of accounts.

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