Binance will dedicate at least 20% of its new hires to compliance efforts, CEO Richard Teng stated in a recent interview with Bloomberg.
The crypto exchange is reportedly preparing to expand its workforce by 1,000 employees this year. According the CEO, they will grow their compliance team to 700 employees by the end of 2024, up from the current 500.
Teng revealed this move is part of the exchange’s ambitious growth plans and reflect its focus on navigating the increasingly complex regulatory landscape surrounding digital assets. He highlighted the surge in requests Binance has received from law enforcement agencies globally, rising to 63,000 this year, compared to 58,000 in 2023.
According to the company’s website, Binance employs over 5,000 people across more than 100 locations globally. Teng also noted that the hiring push will extend beyond compliance, with customer service positions among the roles being filled.
The interview comes after Teng’s recent post on X, where on August 21, he emphasized Binance’s commitment to security, stating,
“No other company matches the level of resources, talent, and effort that Binance dedicates to proactively building a safer ecosystem.”
This news follows Binance’s recent move to resume services in India after a seven-month suspension due to regulatory challenges. On August 15, 2024, the exchange confirmed that it had officially registered as a reporting entity with India’s Financial Intelligence Unit (FIU). The registration follows a crackdown in January, where the FIU blocked Binance and eight other crypto platforms for breaching anti-money laundering laws.
Teng celebrated the achievement, saying,
“Our registration with FIU-IND is a significant step in our journey. Aligning with Indian regulations allows us to better serve the vibrant Indian market and support the country’s digital asset growth.”
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