Binance plans to significantly expand its workforce by adding at least 1,000 new employees by the end of 2024, with 20% of these new hires dedicated to compliance roles.

Richard Teng, who took over as Binance’s new chief executive in late 2023, shared these plans in an interview on August 22. He mentioned that the exchange aims to bolster its compliance department by adding 200 new employees.

Currently, Binance’s compliance team consists of 500 employees. The company has reportedly invested over $200 million to meet regulatory requirements, particularly in the United States. Teng noted that since the beginning of 2024, Binance has handled more than 63,000 requests from law enforcement authorities, surpassing the 58,000 requests it dealt with in the entirety of 2023.

Binance’s efforts are part of its commitment to enhancing compliance and regulatory adherence.

Binance’s recent push for compliance is linked to a plea deal with the U.S. Department of Justice, the Financial Crimes Enforcement Network (FinCEN), and other U.S. authorities. This deal resulted in a $4.3 billion penalty for the exchange. The authorities accused Binance of violating the Bank Secrecy Act, operating as an unlicensed money transmitting business, and failing to maintain an effective anti-money laundering program.

As part of the agreement, the DoJ and FinCEN will oversee Binance’s compliance efforts for the next five years. Additionally, Binance founder Changpeng Zhao resigned from his role as CEO.

The monitoring agencies have already appointed agents to review Binance’s financial statements and transaction tracking. However, Teng admitted that Binance’s journey towards full crypto compliance is still in its early stages.

Despite these efforts, Binance continues to face charges from the U.S. Securities and Exchange Commission. The SEC has accused Binance of breaking securities laws, misleading investors, and mishandling clients’ funds. Nonetheless, the crypto exchange remains determined to contest these charges.

For more updates on Binance and the latest in cryptocurrency, investing, and finance, stay tuned to Global Crypto News.

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