Binance wants to have 700 people on its compliance team by the end of 2024, up from 500 now. This move is part of a larger plan to strengthen its regulatory efforts as it faces more attention and higher costs of compliance, which now top $200 million per year.
Along with safety jobs, Binance’s growth will also include customer service roles. Teng talked about how the company is working with law enforcement more and more around the world. For example, the number of requests has gone up from 58,000 in 2023 to 63,000 this year. This is part of Binance’s ongoing work to make the community safe and legal.
Teng is in the U.S. to talk about compliance issues after a big $4.3 billion deal with the Justice Department. He used to be a top regulator at Singapore’s central bank. He stressed how committed Binance is to security and following the rules. He said that the company is working directly with U.S. regulators to make sure that strong measures are in place to stop money laundering and keep track of transactions.
Even though there are ongoing legal problems, such as a case from the SEC, Teng said that Binance is still dedicated to fixing regulatory problems and growing its business. The business is also starting up again in India, where it recently registered with the country’s Financial Intelligence Unit again after being shut down.
This year, Binance is hiring 1,000 more people, and 20% of those jobs will be in safety roles. This rise is part of a bigger plan to meet government rules and make things safer. CEO Richard Teng talked about how committed the company is to meeting global safety standards and making customer service better.
