Binance Focuses on Compliance Growth
By the end of 2024, Binance aims to increase its compliance team by 34%, addressing heightened regulatory scrutiny.
By the end of 2024, Binance aims to increase its compliance team by 34%, addressing heightened regulatory scrutiny.
With this expansion, Binance’s compliance department will grow to 1,000 members, including 645 in-house professionals supported by third-party contractors..
Back in November 2023, Binance settled with U.S. regulators, agreeing to pay a $4.3 billion fine for violating the Bank Secrecy Act and aiding in sanctions evasion.
As a result of the settlement, Binance’s founder, Changpeng Zhao, stepped down as CEO and completed a four-month prison sentence.
Related: CZ Returns to the Spotlight After Release
Richard Teng, CEO of Binance Source: thenationalnews.com
Richard Teng, now leading Binance as CEO, leverages his regulatory experience from Singapore and the UAE to underline the importance of compliance as a foundation for the exchange’s sustainable future.
Our industry has entered a paradigm shift and new phase of maturation where regulatory compliance is an essential standard,
states Noah Perlman, Chief Compliance Officer at Binance.
Сheck out: FTX Files Lawsuit Against Binance and Former CEO Changpeng Zhao
In 2023, Binance significantly expanded its compliance initiatives, increasing its spending by 36%. The team has been reinforced with high-caliber hires, including Todd McElduff, formerly of PayPal and Morgan Stanley. Additionally, experts with close to 20 years of law enforcement experience, such as Céline Inial in France and Caner Akyürek in Turkey, have joined the compliance division.
By prioritizing partnerships with regulators, Binance aims to enhance trust, protect users, and ensure the steady growth of its global user base, which now numbers over 240 million.
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