Deniz 
The chief executive of Binance, Richard Teng, said the business plans to add 1,000 staff members by the end of 2024, Bloomberg reported Wednesday. Most of the new employees of the corporation are meant to grow its compliance team from the present 500 to 700 individuals.
According to the study, the biggest cryptocurrency exchange worldwide is anticipated to spend over $200 million this year on regulatory compliance alone, including initiatives in the United States following the plea deal with the Justice Department and other authorities.
In 2023, Binance signed a plea agreement with the Department of Justice after the former CEO Zhao agreed to pay criminal charges for failing to stop illegal actors from engaging in crime-related operations on the platform, among other crimes. A U.S. judge approved the plea agreement in February of this year, mandating Binance to pay penalties totaling $4.3 billion.
The trade is still juggling a separate complaint from the Assets and Exchange Commission, claiming Binance sold financial assets without appropriate registration.
According to Teng, two monitors assigned by American agencies—Sullivan & Cromwell and Forensic Risk Alliance—have already started evaluating the financial statements and transaction tracking of the exchange.
Teng, who replaced co-founder Changpeng Zhao as CEO last year, said Binance is getting more and more inquiries from law enforcement organizations all around—63,000 so far in 2024 compared to 58,000 last year.
Following the settlement of a $2.25 million penalty with India’s Financial Intelligence Unit, Binance became fully available in India earlier this month. The deal also agreed to pay $1.75 million in a settlement to Brazil’s SEC, which forbids the trade from selling derivatives products in the nation in 2020.
Having presided over the Financial Services Regulatory Authority at Abu Dhabi Global Market and acted as a top regulator at the Monetary Authority of Singapore, the Binance CEO has a great foundation in regulatory compliance.
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