Binance To Hire 1,000 People By Year-End As Annual Regulatory Spending Tops $200 Million: Bloomberg
Crypto exchange Binance plans to hire 1,000 employees this year, focusing on compliance and customer service roles as its annual spending to meet regulatory requirements exceeds $200 million. CEO Richard Teng shared the hiring plans in an Aug. 21 interview with Bloomberg News during a visit to the US, where he met with regulatory officials as part of a $4.3 billion plea agreement with the US Justice Department and other agencies. Binance To Grow Its Compliance Team As Global Regulatory Requests Skyrocket Binance plans to grow its compliance workforce to 700 employees by the end of the year, up from 500 now, Teng said. He said the exchange fields an increasing number of requests from law enforcement agencies across the globe. This year alone, Binance has received around 63,000 requests so far, which is more than the 58,000 requests it received in all of 2023. Binance’s annual compliance costs have also risen from $158 million two years ago and are expected to rise furt...