Crypto exchange Binance plans to hire 1,000 new employees this year, primarily for compliance roles, as regulatory spending exceeds $200 million. CEO Richard Teng highlighted the company’s commitment to bolstering its compliance operations amid increased regulatory scrutiny and ongoing legal challenges.

Binance to Expand Workforce With 1,000 New Hires Amid Regulatory Scrutiny

Binance CEO Richard Teng has revealed that Binance Holdings Ltd. will hire 1,000 new employees this year, with many roles focusing on compliance, as the crypto exchange’s regulatory spending surpasses $200 million.

Teng detailed Binance’s hiring plans in an interview with Bloomberg in New York on Wednesday, highlighting the firm’s ongoing efforts to bolster its compliance operations in response to increased regulatory scrutiny, particularly following a $4.3 billion plea deal with the U.S. Department of Justice. Binance’s compliance workforce, which currently stands at around 500, is expected to grow to 700 by the end of 2024. Teng emphasized the importance of adhering to government oversight, stating:

I’ve been a regulator all my life … Government agencies are important.

Despite the challenges, including ongoing lawsuits and the need for years of U.S. oversight, Teng affirmed that Binance remains committed to strengthening its compliance infrastructure.

Before joining Binance, Teng held several important regulatory positions, including serving as a senior regulator at the Monetary Authority of Singapore (MAS) and as the Chief Executive Officer of the Financial Services Regulatory Authority (FSRA) at Abu Dhabi Global Market (ADGM).

Under Teng’s leadership, Binance has implemented significant changes, such as enhancing its collaboration with prime brokers, tightening digital token listing requirements, and spinning off its venture arm. The company, however, has yet to establish a global headquarters or publish fully audited accounts. Teng indicated that potential headquarters locations include Dubai and Abu Dhabi, but declined to specify further. Speaking on the ongoing compliance efforts, Teng noted:

They’re going to do an assessment … We’re very early in the journey.

What do you think about Binance’s plans to expand its workforce and compliance efforts amid ongoing regulatory challenges? Let us know in the comments section below.