Binance Boosts Compliance Team as It Strengthens Regulatory Efforts

Binance, the world’s largest crypto exchange, is expanding its compliance team, aiming to hire 645 full-time compliance staff by year-end, a 34% increase from last November.

The company now employs over 1,000 compliance professionals, including contractors. This push for regulatory adherence follows a $4.3 billion settlement with U.S. regulators last year, after Binance was found to have violated the Bank Secrecy Act and enabled users to bypass sanctions.

As part of the settlement, founder Changpeng “CZ” Zhao resigned and faced prison time.

Under new CEO Richard Teng, who took over after Zhao’s resignation, Binance has intensified its focus on compliance. The company began strengthening its regulatory efforts even before Zhao stepped down, with key hires like Tigran Gambaryan from the IRS and Noah Perlman, Binance’s current chief compliance officer.

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The exchange’s compliance budget grew by 36% in 2023. Recent hires include Todd McElduff, who previously led financial crime divisions at PayPal and Morgan Stanley, and former law enforcement officials Céline Inial and Caner Akyürek.

Binance is committed to attracting top talent to support its global operations, aiming to protect its growing user base of over 240 million.

Source

Alexander Stefanov