Binance CEO Richard Teng has declared that the exchange is making significant investments in regulatory compliance to establish a strong and sustainable platform for its global user base.
Speaking at a panel session during the ongoing Korea Blockchain Week 2024 in Seoul today, September 3, Teng reportedly emphasized that although Binance is still in the early stages of its compliance journey, the progress has been promising. He noted that the company’s key priorities include focusing on users, adhering to global regulatory standards, and forging strategic partnerships.
Notably, Teng, in a recent interview, disclosed that Binance plans to allocate at least 20% of its new hires to compliance roles and increase its compliance team from 500 employees to 700 by the end of 2024. He claimed the number of law enforcement requests the exchange received has surged to 63,000 this year, up from 58,000 in 2023.
During the conference, Teng, however, called for regulatory frameworks that encourage innovation and growth, noting that such support could attract more investment and talent to the industry. Teng predicted that the future of the industry will be shaped by the integration of AI and blockchain technology.
“You can’t escape it. There’s a tremendous talent pool working in this area, filled with the best and brightest,”
he stated.
Teng also revealed that Binance has nearly 20 million users and aims to reach 100 million within the next two years. He noted that the exchange aspires to become a vibrant and sustainable platform that serves people globally.
Teng also acknowledged the contributions of former CEO Changpeng Zhao (CZ), describing him as a “very dynamic leader” who played a pivotal role in Binance’s development.
“I’m very humble and honored that CZ and the rest of the leaders place their confidence in me to really bring about the pivot of Binance into Binance 2.0,”
Teng remarked.
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