Binance Plans to Increase Compliance Staff to 645 by End of 2024
The Binance crypto exchange plans to increase its full-time compliance staff to 645 by the end of 2024, as stated in a recent press release. This represents a 34% increase from last November's figures, indicating Binance's ambition to establish the world's largest compliance team.
Currently, Binance's compliance department includes over 1,000 employees, although many are contracted staff.
Binance Focuses on Regulatory Compliance
Binance's compliance efforts have intensified recently due to previous regulatory challenges. Last year, the exchange was found in violation of the Bank Secrecy Act (BSA) for allegedly allowing users to bypass international sanctions, resulting in a $4.3 billion settlement with US regulators. This agreement led to then-CEO Changpeng Zhao (CZ) stepping down and serving a four-month prison term.
Following this incident, Binance has prioritized regulatory compliance, starting initiatives even before CZ's replacement by Richard Teng, a former regulator. The recruitment of compliance experts began in 2021 with Tigran Gambaryan from the IRS and continued with Noah Perlman joining as chief compliance officer in January 2023.
In 2023, Binance's compliance spending increased by 36% compared to the previous year.
Looking Ahead
Binance continues to hire professionals from traditional finance and government sectors, emphasizing their expertise. Perlman noted that the growth of the compliance team reflects Binance's maturation alongside regulators. Despite having an industry-leading compliance program, Binance remains committed to further strengthening its compliance efforts.