Richard

United

Noah

Binance is on a hiring spree in its compliance department and will increase the team size by 34% by the end of the year, the exchange announced on its Binance Square platform on Nov. 22. The compliance team will have 645 full-time members and over 1,000 members counting contractors.
<h2 id="compliance-for-business-success">Compliance for business success</h2>
The move is part of the cryptocurrency exchange’s “intensified commitment to regulatory adherence” and its “ongoing transformation” since it made peace with United States regulators in 2023. In that time, it has increased spending on compliance by 36%.
Binance chief compliance officer Noah Perlman <a data-ct-non-breakable="null" href="https://www.binance.com/en/square/post/11-22-2024-binance-expands-compliance-team-by-34-reinforces-focus-on-regulatory-standards-16578695493873" rel="null" target="null" text="null" title="null">said</a> in&nbsp;the announcement:
<blockquote>
 “Our sector is maturing rapidly, and compliance has become central to user protection, business success, and sustainable growth. Binance’s expanded compliance efforts reflect our commitment to setting industry standards.”
</blockquote>
Binance said it was taking on personnel from traditional finance and government agencies and highlighted three high-level hires: Todd McElduff will serve as enterprise compliance director, and Céline Inial and Caner Akyürek will be special investigations specialists for France and Turkey, respectively.
In August, Binance said it would <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/binance-ramps-up-compliance-efforts-1000-hires" rel="null" target="null" text="null" title="null">increase its compliance team</a> by at least 200. In 2022, it also reported that it had <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/binance-says-truly-compliance-led-positive-year-end-report" rel="null" target="null" text="null" title="https://cointelegraph.com/news/binance-says-truly-compliance-led-positive-year-end-report">increased spending on compliance</a> by 35%, from $158 million to $213 million.
Related:&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/binance-growth-led-to-compliance-failures-ceo-richard-teng" rel="null" target="null" text="null" title="null">Binance is now ‘totally different’: Interview with CEO Richard Teng</a>
<h2 id="binance-s-ongoing-transformation">Binance’s ongoing transformation</h2>
Binance CEO Richard Teng, who <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/binance-richard-teng-ceo-amid-changpeng-zhao-s-forced-departure" rel="null" target="null" text="null" title="null">moved up to that position</a> after the resignation of founder Changpeng Zhao, was a regulator before joining Binance in 2021. He headed the Financial Services Regulatory Authority at Abu Dhabi Global Market and was chief regulatory officer of the Singapore Exchange before that.
<figure>
 <img alt="Binance beefs up compliance team by 34% to 645 full-timers" src="https://s3.cointelegraph.com/uploads/2024-11/01935529-1d36-7bb4-8100-9b299006603f" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/business/status/1859982299921531206" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/business/status/1859982299921531206">Bloomberg</a>
 </figcaption>
</figure>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/binance-timeline-settlement-us-government" rel="null" target="null" text="null" title="https://cointelegraph.com/news/binance-timeline-settlement-us-government">Binance settles with US government: Timeline of enforcement actions</a>
Zhao stepped down from Binance as part of a settlement with US authorities that included $4.3 billion in penalties and <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/doj-unveils-extensive-monitorship-over-binance-operations" rel="null" target="null" text="null" title="null">ongoing intensive monitoring</a> for allowing lax Anti-Money Laundering measures at the cryptocurrency exchange. Zhang was later <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/changpeng-zhao-prison-sentence-binance" rel="null" target="null" text="null" title="null">sentenced to four months</a> in prison on a single felony charge in a plea deal.
In recent months, Binance has made much of its law enforcement training efforts and cooperation with government authorities.
Magazine:&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/us-and-china-try-to-crush-binance-sbfs-40m-bribe-claim-asia-express/" rel="null" target="null" text="null" title="null">US and China try to crush Binance, SBF’s $40M bribe claim: Asia Express</a>

Binance beefs up compliance team by 34% to 645 full-timers

Table of Contents

Cointelegraph

Other articles published on Nov 22, 2024

State pension plans can adopt crypto more easily than private plans

Crypto Trading Volume Soars To $70B As Investors Eye Bitcoin ETF

FIO at Devcon: Innovation, Connections, and Community🚀

XRP Price Surges 24% As SEC Chair Gary Gensler Announces Resignation, While Experts Say This Inno...

Extreme Greed Dominates Crypto Market

5 Must-Watch Altcoins as Trump’s Crypto Advocacy Fuels Market Growth!

Join our free newsletter for daily crypto updates!