Binance Compliance Workforce Expands to 700 by 2024 as Costs Surge

Key Points:

• Binance plans to hire 1,000 people in 2024, focusing on expanding its compliance workforce to 700 employees.
• The exchange’s annual compliance spending has surpassed $200 million, and increased law enforcement requests have reached 63,000.

Binance compliance workforce expands massively. Plans to hire 1,000 people this year, with 700 in compliance by 2024. Annual compliance spending exceeds $200 million.

The world’s largest cryptocurrency exchange, Binance, is massively growing its compliance workforce in response to regulatory challenges.

Binance Compliance Workforce Expansion

According to a recent Bloomberg report, the exchange plans to hire 1,000 people this year alone, the majority of whom will be focused on compliance. By the end of 2024, it projects to have around 700 employees working on compliance, up from 500 today.

The expansion comes just as Binance’s spending on regulatory compliance eclipsed $200 million annually, and compliance-related expenditures are up from $158 million two years ago. On another front, the company is seeing increased law enforcement requests, standing at 63,000 compared to last year’s 58,000.

The compliance push is partly due to a recent plea deal with U.S. authorities, which included a $4.3 billion penalty and years of compliance monitoring.

Read more: Miami Heat Jimmy Butler and Ben Armstrong Agree to Pay $340,000 to Settle Binance Lawsuit

Future Plans and Profitability

According to Binance’s chief executive, Richard Teng, who himself was once a regulator, government agencies and compliance are very important in the Binance structure.

Despite all this, Binance reportedly remains profitable and is still pursuing sites for its global headquarters, including Dubai and Abu Dhabi. As part of the initiative, it is also hiring for customer service roles.