Binance anticipates staffing 645 full-time compliance employees by the year's end, reflecting a 34% yearly increase. Over 1,000 employees, including contractors, currently focus on compliance. This shift toward regulatory compliance follows a significant $4.3 billion settlement with U.S. regulators last year, prompting changes in leadership and strategy. New CEO Richard Teng emphasizes regulatory adherence as crucial for long-term sustainability, building on earlier compliance efforts initiated before the leadership change. The company's compliance expenditure grew by 36% in 2023, indicating a solid commitment to meeting regulatory standards.
"Binance's intense focus on regulatory compliance is relatively new for the crypto exchange, which just one year ago, agreed to pay a massive $4.3 billion fine to various U.S. regulators for violating the Bank Secrecy Act (BSA) and knowingly allowing users to skirt international sanctions."
"Our industry has entered a paradigm shift and new phase of maturation where regulatory compliance is an essential standard to user experience and protection, business success, and responsible growth," Perlman said.
#binance #compliance #regulation #ceo-change #regulatory-compliance #employee-growth #crypto-exchange
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