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Crypto exchange Binance hiring 1,000 new staff as compliance spending tops US$200 million
- Binance plans to have a 700-strong compliance workforce by the end of 2024, up from about 500 at present, according to CEO Richard Teng
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Binance Holdings is hiring 1,000 people this year, with many earmarked for compliance roles, as the cryptocurrency exchange’s annual spending to meet regulatory requirements, including US oversight under a plea deal, tops US$200 million.
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Chief executive Richard Teng, who is visiting the US to talk to monitors and officials, outlined the employment goals for the world’s largest cryptocurrency trading platform in an interview with Bloomberg News in New York on Wednesday.
“I’ve been a regulator all my life,” Teng said. “Government agencies are important.” He declined to say whether he has met with the Securities and Exchange Commission (SEC) during his trip. The SEC is suing Binance and was not part of the US settlement.
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That plea deal with the Department of Justice (DOJ) and other US agencies included a US$4.3 billion penalty for failures that let criminals and terror groups use the exchange. The firm faces years of compliance monitoring by the DOJ and the US Treasury Department’s Financial Crimes Enforcement Network.
Binance plans to have a 700-strong compliance workforce by the end of this year, up from about 500 at present, according to Teng.
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