The world’s largest cryptocurrency exchange is taking big steps to boost its compliance efforts by planning to hire 1,000 new employees this year. Around 200 of them will focus to the regulatory compliance.
Binance wants obey
Binance is prioritizing the expansion of its compliance team, so the company wants to fill at least 20% of the new positions with professionals specializing in compliance.
The company’s investment in compliance has grown substantially, with annual spending now exceeding $200 million, a prwetty high rise from just a few million dollars in previous years.
Multiple lawsuits and the jail time for the founder CZ was undoubtedly a strong motivation in this case.
Binance’s Chief Executive, Richard Teng, mentioned the importance of this initiative in an interview, and shared that by the end of the year, Binance plans to expand its compliance workforce from 500 to 700 employees, as part of a broader strategy to improve operational efficiency.
Binance is hiring, but what about other things?
Binance’s efforts aren’t limited just to recruitment, the company is also actively cooperating with law enforcement agencies worldwide.
For example, Binance has collaborated with Macau’s Judiciary Police in combating crypto-related scams, and the exchange recently announced the recovery of over $73 million in stolen funds.
Legal challenges for Binance
Binance continues to grapple with legal challenges, despite all of the measurements.
The U.S. SEC filed charges against the exchange and its former CEO, Changpeng CZ Zhao, alleging the sale of unregistered securities.
While Binance is pushing back against these allegations, Teng emphasized that the comppany will continue to fight such accusations in the court too.
