Binance Expands Compliance Team by 34% Amid $4.3B Settlement

Nov 22, 2024, 11:26 AM

Binance, the world's largest cryptocurrency exchange, has significantly expanded its compliance department in 2024, growing by 34% year-over-year. This expansion reflects a strategic shift towards a more serious regulatory approach under the leadership of new CEO Richard Teng. The compliance team is expected to reach 645 full-time staff by December, with over 1,000 employees already focused on compliance. This move comes in the wake of a $4.3 billion settlement and aims to foster sustainable growth in the crypto industry, which is approaching its first billion users, according to Teng, with Binance already boasting over 240 million users.