Cryptocurrency exchange Binance plans to add 1,000 new employees to its staff throughout 2024. Binance’s new hiring initiative will particularly focus on the compliance department. The company’s new decision came right after a significant investment of $200 million aimed at meeting regulatory requirements.
Richard Teng Made a Statement
Binance CEO Richard Teng conducted an interview with Bloomberg during his visit to the United States. In the interview, he announced that the exchange plans to hire 1,000 new personnel focusing on compliance roles. Teng stated that spending on compliance requirements has exceeded $200 million. These expenditures particularly cover regulatory requirements as part of agreements in the US.
Richard Teng emphasized the importance of government institutions during his interview in New York, noting his lifelong experience as a regulator. Before being appointed as CEO of Binance, Teng served as a senior regulator at the Monetary Authority of Singapore. He also held the position of chief executive at the Abu Dhabi Global Market.
However, it was notable that Teng did not provide information on whether he met with SEC officials. Following Binance’s $4.3 billion agreements with the US Department of Justice and other institutions, the company’s expansion plans have accelerated. Binance aims to have a team of 700 in the compliance department by the end of the year, currently employing 500 in this department.
Global Compliance Efforts Continue
Binance CEO stated that requests from global institutions for law enforcement reached 63,000 in 2024. This figure is significantly higher than last year’s 58,000 requests. Teng added that compliance spending started at $158 million two years ago and continues to increase.
Teng mentioned that auditors appointed by US institutions have started analyzing the company’s transaction tracking and financial statements. He described this process as “We are at the beginning,” indicating that the evaluation process is not yet complete.
Teng also mentioned Binance’s plans to establish a global center, considering three different locations: Dubai, Abu Dhabi, and one more city. He emphasized that Binance’s profit margin is at satisfactory levels.
