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Cryptocurrency exchange Binance plans to increase its full-time compliance team by 34% to reach 645 members by the end of the year. According to the company’s statement, over a thousand employees, including contractors, are currently working in regulatory compliance. This growth highlights Binance’s commitment to meeting regulatory standards in the industry.
A New Era in Regulatory Compliance
Last year, Binance’s founder and former CEO, Changpeng Zhao, agreed to pay a $4.3 billion fine to U.S. regulators. Zhao resigned after violating the Bank Secrecy Act and was sentenced to four months in prison. His successor, Richard Teng, took on the mission of transforming Binance into a structure compliant with regulatory standards. Teng stated, “Regulatory compliance has become a critical element for sustainable growth.”
In 2023, Binance increased its compliance spending by 36%, expanding its investments in this area. The company’s compliance director, Noah Perlman, highlighted the industry’s maturation process, saying, “This signifies a new era for user protection and responsible growth.”
Significant Transfers from Finance and Legal Sectors
Binance continues to strengthen its compliance team with industry experts. The new corporate compliance director, Todd McElduff, previously led the global financial crime unit at PayPal. McElduff will manage relationships with global regulators at Binance.
Special investigation experts have also been hired in France and Turkey. Céline Inial and Caner Akyürek bring 20 years of experience from law enforcement in their respective countries. By acquiring such talent, Binance aims to broaden its user base while responding more effectively to regulatory demands.
Perlman stated, “By expanding our compliance team, we are raising our protection standards for our global base of 240 million users.” Binance’s initiative is seen as a pioneering step in adapting to the rapidly evolving landscape of the cryptocurrency sector.
