Nikolas Sargeant
Binance, the leading cryptocurrency exchange, is set to embark on a significant hiring initiative in 2024, with plans to add 1,000 new employees. The majority of these positions will focus on compliance, reflecting the company's commitment to addressing regulatory challenges, particularly in the United States.
This move comes as Binance's compliance-related expenses have already surpassed $200 million this year.
CEO Richard Teng is currently in the US for discussions with regulatory monitors and officials. During a recent Bloomberg interview, he highlighted the importance of enhancing compliance within the organization.
Teng's background in regulation has shaped his approach to leading Binance. However, he did not confirm any meetings with the SEC, which is currently engaged in legal action against the company.
Richard Teng's Regulatory Expertise: A Key Asset for Binance
Teng's rapid ascent within Binance can be attributed to his extensive regulatory background. His previous roles include Director of Corporate Finance at the Monetary Authority of Singapore and CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market.
This experience has proven invaluable as Binance navigates increasingly complex regulatory landscapes. Binance Ramps Up Compliance Efforts Amid Growing Scrutiny
The exchange's hiring plans follow a November 2023 plea agreement with US authorities, which resulted in over $4.3 billion in fines for various regulatory violations.
Binance aims to expand its compliance team from 500 to 700 by year-end, responding to a nearly 10% increase in law enforcement inquiries compared to last year.
Teng acknowledged past mistakes in Binance's compliance efforts and emphasized the company's commitment to improvement in this area.
