Binance Hires 1,000 New Staff To Expand Compliance Team
Summary
Binance plans to hire 1,000 new employees in 2022, with a focus on compliance roles due to increased regulatory scrutiny. The company's annual compliance spending has exceeded $200 million, and it aims to increase compliance workforce from 500 to 700 by 2024. Binance is also cooperating with law enforcement agencies and has recovered over $73 million in stolen funds. Tether is doubling its staff count to 200 by mid-2025, mainly for compliance. Despite these efforts, Binance faces charges from the SEC for the alleged sale of unregistered securities, adding complexity to its operations.
