The largest cryptocurrency exchange, Binance, plans to hire 1,000 people this year, with an emphasis on compliance. This step was made after the company’s annual expenditure to address the regulations and supervisory agencies of the United States reached $200 million annually.
During the interview with Bloomberg, the CEO of Binance, Richard Teng, stated that the company plans to increase compliance staff to 700 in 2024 from 500 now. “I’ve been a regulator all my life,” Teng said. “Government agencies are important.”
This increased spending is due to the fact that Binance faced a $4.3 billion fine approved as part of a plea bargain with the U. S. Department of Justice and other departments. This deal comes in the wake of allegations that Binance facilitated criminal and terrorist operations.
This year the company has received 63,000 such requests from law enforcement agencies across the globe while in 2023 such requests were 58,000. This increase is indicative of the rising regulatory concerns that Binance continues to experience.
Since the joining of Teng, Binance has had to make changes to its working model such as changes to its token listing standards and its relations with prime brokers. The company is also planning on a new location of the company’s global headquarters and this could be in Dubai or Abu Dhabi.
However, Teng confirmed that Binance is profitable and is hiring more people due to a recovery in crypto markets despite regulations. The planned hires will also strengthen customer service as the company moves forward in dealing with the challenging regulations.
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