Binance is on a mission to strengthen its compliance efforts, announcing plans to expand its compliance team by 34% by the end of the year.
A growing compliance force for the better surveillance
With this expansion, Binance will have over 1000 people dedicated to compliance, including 645 full-time staff members.
This isn’t just a numbers game, it reflects Binance’s commitment to meeting regulatory standards and improving its operations.
The company has already ramped up its spending on compliance by 36% over the past year, showing that they’re serious about cleaning up their act and obey.
New faces in compliance
To bolster its regulatory expertise, Binance has brought in some heavy hitters from the finance and government sectors, like for example Todd McElduff, who has taken on the role of Enterprise Compliance Director.
With two decades of experience in preventing financial crime at places like PayPal and Morgan Stanley, he’s got the chops to lead the charge.
Another key addition is Lana Sinelnikova, now serving as Director of Business Compliance and Enterprise-Wide Risk Assessment. She previously held senior roles at Kraken and Revolut, so she knows her stuff.
Play nice
This expansion comes after a rocky period for Binance. In 2021, Tigran Gambaryan, formerly with the IRS, joined the exchange to lead financial crime compliance efforts.
Noah Perlman stepped in as chief compliance officer in January 2023. Earlier this year, Binance agreed to pay $4.3 billion fine to U.S. regulators for violating the Bank Secrecy Act and allowing users to bypass international sanctions.
This fine was part of a settlement that led to the resignation of founder Changpeng Zhao, CZ. Now under Richard Teng’s leadership Binance seems determined to turn things around.
With Richard Teng at the helm, Binance is steering toward clearer regulatory waters. Perlman emphasized that working closely with regulators is pretty important for their future success.
