Global cryptocurrency exchange Binance is significantly expanding its compliance team, boosting its workforce in this critical area by 34% by the end of the year. The company announced on November 22 that it plans to have 645 full-time compliance staff, with the total exceeding 1,000 when including contractors.
Strengthening Compliance for Growth
The expansion is part of Binance’s broader commitment to regulatory compliance and its efforts to adapt to the evolving cryptocurrency landscape. Since resolving disputes with U.S. regulators in 2023, Binance has increased compliance-related spending by 36%, emphasizing its focus on aligning with global standards.
Noah Perlman, Binance’s Chief Compliance Officer, highlighted the importance of this move, stating:
“Our industry is growing quickly, and compliance is now central to protecting users, achieving business goals, and driving sustainable growth. Binance’s expanded compliance efforts show our commitment to leading the way in setting industry standards.”
High-Level Hires to Strengthen Oversight
To support this growth, Binance is bringing in experts from traditional finance and government agencies. Key new hires include:
- Todd McElduff: Appointed as Enterprise Compliance Director.
- Céline Inial and Caner Akyürek: Special Investigations Specialists for France and Turkey, respectively.
This hiring surge follows Binance’s August announcement to add at least 200 new compliance team members.
Summary Review: Binance is boosting its compliance team by 34%, demonstrating its commitment to regulatory adherence and sustainable growth. With over 1,000 compliance professionals, including contractors, the exchange aims to set a high standard for user protection and industry best practices.
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