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Binance plans to hire 1,000 new employees, most for compliance positions

This is a strategic move to strengthen the company’s ability to meet global regulatory requirements in the face of increasing pressure.

Date: 2024-08-22 Author: Marek Stiller
Binance plans to hire 1,000 new employees, most for compliance positions

Cryptocurrency exchange Binance plans to hire 1,000 new employees in 2024, focusing mainly on compliance positions. The move is part of a strategy to address regulatory concerns, particularly in the US. The exchange’s compliance and regulatory spending this year exceeded $200 million.

Binance CEO Richard Teng is currently in the US to talk to regulators and officials. During an interview with Bloomberg on Wednesday, he discussed his goal to increase compliance at the company. Teng, who has regulatory experience, spoke about the importance of government agencies in his approach to managing Binance.

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Teng did not confirm whether he met with the U.S. Securities and Exchange Commission, which is currently involved in legal proceedings against Binance, during his visit. Key to Binance’s rapid growth is Richard Teng’s regulatory experience.

Prior to his position at Binance, Teng served as director of corporate finance at the Monetary Authority of Singapore, where he played a key role in financial regulation and policy. He also served as director general of the Financial Services Regulatory Authority in the Abu Dhabi Global Market.

Teng first joined Binance when he took over as head of Binance s Singapore operations in August 2021 . However, his time there was short-lived, as Binance decided to close its Singapore operations in early 2022.

After a brief period in Singapore , Teng’s role expanded to include managing Binance’s operations in the Middle East, North Africa and Europe. He was later appointed head of all regions excluding the United States as head of regional markets.

His rapid rise through the ranks at Binance was largely shaped by his regulatory expertise, which proved essential as the company overcame increasing regulatory hurdles.

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Binance sees 10% increase in law enforcement requests, anticipates increase in compliance spending

The hiring plans came after a settlement with US authorities in November 2023. Binance and former CEO Changpeng Zhao pleaded guilty to several charges as part of the deal. The agreement included substantial fines exceeding $4.3 billion. The fines were imposed due to violations of the Bank Secrecy Act, failure to register as a money transfer company and violations of international economic laws.

According to Bloomberg, Binance plans to increase its compliance team to 700 people by the end of the year, up from the current 500. Teng noted that the company has seen an increase in inquiries from global law enforcement agencies, with the number of requests up nearly 10% from last year.

He added that the exchange’s spending on compliance has increased from $158 million a few years ago, and is expected to continue its upward trend. Teng previously acknowledged mistakes made in the early days of Binance. In particular, he stressed that his compliance efforts were insufficient at the time.

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Marek Stiller
Marek Stiller
Founder of the "Cryptocurrency for Beginners" channel on YouTube. He collaborates with Łukasz to form the Arena Trading group, while at the same time being passionate about blockchain technology. His knowledge and experience in the cryptocurrency industry help beginner investors better understand this dynamic market.
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