Binance, the top cryptocurrency exchange, is set to hire 1,000 new employees this year, mainly for compliance roles. This decision follows the company’s yearly spending on U.S. regulatory compliance, which has hit $200 million.
In Bloomberg interview, Binance CEO Richard Teng shared that the company will boost its compliance staff from 500 to 700 in 2024. Teng, who has a background in regulation, emphasized the importance of working with government agencies.
Reason of Binance Expands Workspace
Binance is spending more money because it had to pay a $4.3 billion fine. This fine is part of a deal with the U.S. Department of Justice and other agencies. The deal was made after Binance was accused of helping with illegal and terrorist activities.
This year, Binance has received 63,000 requests from law enforcement agencies worldwide. Last year, there were 58,000 such requests. This increase shows that Binance is facing more regulatory concerns.
Since Teng started at Binance, the company has made several changes. They have updated their token listing rules and adjusted their relationships with prime brokers. Binance is also planning to move its global headquarters, with potential new locations in Dubai or Abu Dhabi.
Teng confirmed that Binance is still making a profit and is expanding its team due to a rebound in the cryptocurrency markets, despite facing strict regulations. The company plans to hire more people to enhance customer service and better manage these ongoing regulatory challenges.
