Binance Boosts Compliance Staff by 34% Year-Over-Year, Citing Industry’s ‘Rapid Maturation’
Binance plans to increase its full-time compliance staff to 645 by year-end, marking a 34% rise from November 2022. The exchange currently employs over 1,000 compliance personnel, including contractors. This focus on regulatory compliance follows a $4.3 billion settlement with U.S. regulators for violations of the Bank Secrecy Act, which led to the resignation and imprisonment of founder Changpeng Zhao. Richard Teng, the new CEO, emphasizes transforming Binance into a compliance model for sustainability. The exchange has ramped up compliance spending by 36% in 2023 and has recruited professionals from traditional finance and law enforcement to enhance its compliance efforts. Binance aims to lead industry standards in user protection and adapt to the evolving regulatory landscape as global crypto adoption increases.
