menuIcon
$ 103,945.3
BTC
$ 103,945.3
0.20 %
$ 2,615.15
ETH
$ 2,615.15
4.03 %
$ 0.8183
ADA
$ 0.8183
2.47 %
$ 658.51
BNB
$ 658.51
0.82 %
$ 180.86
SOL
$ 180.86
3.93 %
Sujit Kumar
Aug 22, 2024
by Sujit Kumar

Binance Expands Workforce, Emphasizes Compliance Amid Legal Scrutiny

Binance Expands Workforce

Table of contents

  1. Ongoing Legal Challenges
Binance, the world’s largest cryptocurrency exchange, is set to expand its workforce by 1,000 employees this year, with at least 20% of the new hires dedicated to compliance roles. This move comes as Binance's annual spending on regulatory requirements has exceeded $200 million. CEO Richard Teng revealed that the company aims to increase its compliance team to 700 by the end of 2024, up from 500, as part of its ongoing efforts to strengthen security and regulatory adherence.

Strengthening Security and Collaborating with Authorities

In addition to its hiring efforts, Binance has been proactive in collaborating with global law enforcement agencies, responding to 63,000 requests this year alone, up from 58,000 in 2023. The exchange recently partnered with the Macau Judiciary Police to launch a joint anti-crypto scam campaign, highlighting its commitment to safeguarding users and the industry.

Ongoing Legal Challenges

Despite these efforts, Binance and its former CEO, Changpeng “CZ” Zhao, continue to face legal challenges, including a lawsuit from the U.S. Securities and Exchange Commission (SEC) for alleged securities law violations. The company remains committed to contesting the accusations and has requested the case's dismissal. Meanwhile, Binance’s expansion and compliance initiatives signal its determination to navigate the complex regulatory landscape while ensuring a secure ecosystem for its users.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Follow us on: News
Binance Expands Workforce
Binance Expands Workforce, Emphasizes Compliance Amid Legal Scrutiny
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

Top Picks