Binance to hire 1,000 people this year, spending more than $200 million on compliance

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ODAILY
08-22
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Odaily Odaily News Binance Holdings Ltd. will hire 1,000 people this year, many of whom are designated for compliance positions. The cryptocurrency exchange spends more than $200 million annually to meet regulatory requirements, including U.S. regulation under a plea agreement. CEO Richard Teng is visiting the United States to talk with regulators and officials, and he outlined this goal in an interview in New York on Wednesday. He declined to say whether he met with U.S. SEC officials during the visit. Teng said Binance plans to have more than 700 compliance employees by the end of 2024, up from about 500 currently. His career includes serving as a senior regulator at the Monetary Authority of Singapore and the Singapore Exchange (SGX). He is also the CEO of the regulator of the Abu Dhabi International Financial Center. (Bloomberg)

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