CandleFocus Binance Boosts Compliance Staff By 34% Year-Over-Year, Citing Industry’s ‘Rapid Maturation’
2024-11-22
Author: Content Editor
Binance, the world's largest cryptocurrency exchange, plans to increase its compliance team by 34% by the end of 2023, bringing the total number of full-time compliance employees to 645. The exchange already has over 1,000 employees focused on compliance, including contractors. This focus on regulatory compliance is a new development for Binance, which faced a $4.3 billion fine in 2022 for violating the Bank Secrecy Act and allowing users to bypass international sanctions. Since the departure of former CEO Changpeng Zhao, who was sentenced to four months in prison, Binance has been led by Richard Teng, who aims to make the exchange a model of regulatory compliance. Binance has made several recent compliance hires, including individuals with experience in traditional finance and government roles. The exchange sees compliance as essential for long-term sustainability and growth in the industry.
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