Leading cryptocurrency exchange Binance has unveiled plans to recruit 1,000 new employees by 2024. The initiative will primarily bolster the company’s compliance department, following a substantial $200 million investment aimed at adhering to regulatory standards.
Richard Teng’s Announcement
In an interview with Bloomberg, Binance CEO Richard Teng disclosed the hiring plan, emphasizing the focus on compliance roles. Teng revealed that the company has already committed over $200 million to regulatory compliance, underscoring its dedication to meeting US agreements.
Teng, who has a storied career in regulatory roles, highlighted the importance of government institutions in his New York interview. Previously, Teng served as a senior regulator at the Monetary Authority of Singapore and as CEO of the Abu Dhabi Global Market. However, he did not confirm whether he had any discussions with SEC officials during his visit.
Global Compliance Efforts Continue
Binance has seen a rise in global law enforcement requests, reaching 63,000 in 2024, compared to 58,000 the previous year. Teng noted that compliance expenditures have risen from $158 million two years ago and continue to grow. Auditors from US institutions have begun assessing Binance’s transaction tracking and financial records, marking the initial phase of a comprehensive evaluation process.
Teng also mentioned plans to establish a global center, considering Dubai, Abu Dhabi, and another city as potential locations. He reassured that Binance’s profit margins remain robust.
Key Takeaways
- Binance will hire 1,000 new employees, focusing on compliance roles.
- Over $200 million has been invested in regulatory compliance.
- Global law enforcement requests to Binance increased to 63,000 in 2024.
- US auditors are currently assessing Binance’s financial and transaction records.
- The company is considering three locations for a new global center.
In conclusion, Binance’s aggressive hiring and compliance spending demonstrate its commitment to regulatory adherence. The company’s strategic moves aim to ensure continued growth while meeting global regulatory demands.