Binance, the world's largest crypto exchange, plans to have 645 full-time compliance employees by the end of the year, marking a 34% increase from last November. The company now has over 1,000 compliance-focused employees, including contractors. This focus on regulatory compliance follows a $4.3 billion fine for violations of the Bank Secrecy Act (BSA). After founder Changpeng Zhao stepped down, Richard Teng was appointed CEO, emphasizing compliance as essential for growth. Binance has increased compliance spending by 36% in 2023. Recent hires include Todd McElduff, who will manage relationships with global law enforcement, and specialists with extensive law enforcement experience. Noah Perlman, Binance's chief compliance officer, highlighted the need to strengthen compliance efforts as the industry matures and global crypto adoption increases.

Source 🔗