Binance increases compliance team by 34% to 645 staff members

Binance, the popular cryptocurrency exchange, is making big changes to its compliance team. With plans to increase the team’s size by 34% by the end of the year, Binance is stepping up its commitment to following regulations and ensuring a safe and successful business environment. This hiring spree will bring the compliance team to 645 full-time members, with over 1,000 members when including contractors.

This move comes as part of Binance’s ongoing transformation and increased focus on regulatory adherence, especially since reaching an agreement with US regulators in 2023. The exchange has ramped up its spending on compliance by 36% to show its dedication to setting industry standards and protecting users.

Noah Perlman, Binance’s chief compliance officer, expressed the importance of compliance in today’s rapidly evolving industry, emphasizing that it is essential for user protection, business success, and sustainable growth. Binance has been attracting talent from traditional finance and government backgrounds, with recent high-level hires like Todd McElduff as enterprise compliance director, and Céline Inial and Caner Akyürek as special investigations specialists for France and Turkey, respectively.

With a goal of at least 200 new compliance staffers, Binance is making significant strides in ensuring a compliant and secure platform for its users. The exchange’s CEO Richard Teng, who previously worked in regulatory roles, is leading this transformation and setting a new standard for compliance in the cryptocurrency sector.

Binance’s increased spending on compliance, as well as its focus on law enforcement training and cooperation with government authorities, demonstrate the exchange’s dedication to compliance and regulatory requirements. These efforts are crucial for not only Binance’s success but for the overall growth and legitimacy of the cryptocurrency industry as a whole.