Exciting News for Binance’s Expansion
Binance is set to make significant strides this year by embarking on a large-scale hiring spree to bring on board 1,000 new employees. The primary focus of this recruitment drive will be to bolster the company’s compliance team, which currently stands at 500 members, with the aim of increasing it to 700 by the end of 2024.
Enhanced Compliance Efforts
Reports from Bloomberg indicate that Binance is committed to allocating more than $200 million this year towards regulatory compliance. This substantial budget will cover expenses related to the recent US plea agreement with the Department of Justice (DOJ) and other regulatory bodies.
- Binance has experienced a surge in requests from global law enforcement agencies, receiving 63,000 inquiries this year compared to 58,000 in the previous year.
- Compliance-related spending, which amounted to $158 million two years ago, is projected to increase further to address growing regulatory demands.
CEO Richard Teng has revealed that US-appointed monitors are currently overseeing the company’s financial statements and transaction monitoring. This scrutiny, conducted by Forensic Risk Alliance and Sullivan & Cromwell, is in its initial stages.
Teng, with a background as a senior regulator at the Monetary Authority of Singapore and CEO of Abu Dhabi International Financial Center’s regulator, emphasized the importance of government agencies in regulatory matters.
Challenges in the US Market
Following compliance failures that permitted criminal exploitation, Binance was required to pay $4.3 billion in fines following a settlement with the DOJ and other US agencies. The agreement mandates ongoing compliance monitoring by the DOJ and the US Treasury’s FinCEN.
- Binance recently resolved issues in India by agreeing to a $2.25 million penalty with the Financial Intelligence Unit, allowing the resumption of full operations in the country.
- In Brazil, Binance settled a $1.75 million penalty with the SEC, enabling the lifting of the ban on its derivatives products imposed in 2020.
By
By
By
By