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.
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.
The first week of July brings several important developments in the United States that could influence both traditional markets and the cryptocurrency sector.
Ric Edelman, one of the most influential voices in personal finance, has radically revised his stance on crypto allocation. After years of cautious optimism, he now believes that digital assets deserve a far larger share in investment portfolios than ever before.
In the case involving Terraform Labs and its co-founder Do Hyeong Kwon, the defense has asked the Federal Court for the Southern District of New York to extend the deadline for pretrial filings by two weeks, pushing it beyond the original date of July 1, 2025.
Coinbase has emerged as the best-performing stock in the S&P 500 for June, climbing 43% amid a surge of bullish momentum driven by regulatory clarity, product innovation, and deeper institutional interest in crypto.