Binance Plans to Hire 1,000 More Employees This Year, Prioritizing Compliance

Binance Plans to Hire 1,000 More Employees This Year, Prioritizing Compliance

Binance, the world's largest cryptocurrency exchange, plans to hire around 1,000 more staff this year. In an interview with Bloomberg, Binance CEO Richard Teng said the exchange is prioritizing compliance in its hiring efforts. "We received about 58,000 requests for assistance from global law enforcement in the past year and that number had grown to 63,000 this year, so it is constantly increasing the amount it spends on compliance," Teng said. Binance has come under scrutiny in recent months from regulators around the world, who have raised concerns about the exchange's compliance with anti-money laundering and know-your-customer (KYC) regulations. The exchange has taken steps to address these concerns, including hiring more compliance staff and implementing new KYC procedures. Binance also recently announced that it will be registering with FinCEN, the U.S. Treasury Department's Financial Crimes Enforcement Network. The hiring of additional compliance staff is a sign that Binance is taking these concerns seriously and is committed to operating in a compliant manner. The exchange's focus on compliance is likely to help it to avoid regulatory penalties and to maintain its position as the world's leading cryptocurrency exchange.