As a seasoned researcher with a keen interest in the evolving landscape of cryptocurrency exchanges, I find myself intrigued by Binance’s ambitious plan to bolster its compliance staff. Having closely followed the industry for years, it is evident that regulatory compliance has become a pivotal aspect for any major player looking to survive and thrive in this space.
By the year 2024, Binance, a leading cryptocurrency exchange, plans to expand its full-time compliance team to an impressive total of 645 members, as stated in a press release published last Friday.
As a researcher delving into the realm of cryptocurrencies, I’ve come across an interesting piece of information. The world’s foremost crypto exchange, Binance, is planning to expand its compliance team by 34%. This expansion would significantly boost the size of their team in this department, as compared to the staff count recorded last November. Notably, Binance’s aim to construct the world’s largest compliance team seems to be progressing steadily, and the current numbers hint at this ambition being increasingly realistic.
Currently, our company’s compliance team has more than 1,000 members on board, but a portion of them are temporary workers on contract.
Binance Focuses on Regulatory Compliance
It’s also important to mention that Binance’s focus on compliance is quite recent. Due to issues in this sector, the cryptocurrency exchange appears to be consistently adapting its approach in this context.
Approximately one year ago, Binance faced charges for violating the Bank Secrecy Act (BSA). It was accused of intentionally enabling users to circumvent international sanctions. Consequentially, Binance agreed to pay a colossal $4.3 billion fine to multiple U.S. regulatory bodies. As part of this settlement, Changpeng Zhao (CZ), then-CEO, stepped down from his position and served a four-month prison sentence earlier in the year.
After this event, Binance has demonstrated a remarkable commitment to regulatory adherence. Interestingly, this emphasis on compliance from Binance predates the appointment of Richard Teng, a former regulator, as its leader. In fact, the company had already started hiring compliance experts as early as 2021, with Tigran Gambaryan leaving the Internal Revenue Service (IRS) to join the exchange. Furthermore, Noah Perlman joined the team in January 2023, serving as Binance’s chief compliance officer.
Based on our company’s records, Binance increased its spending on compliance by approximately 36% in the year 2023 compared to the preceding year.
Looking Ahead
Significantly, Binance has been recruiting professionals who have spent considerable time in conventional banking and governance sectors, including regulatory bodies like law enforcement agencies. The extensive background of these individuals offers a glimpse into Binance’s strategic direction. According to Perlman, this hiring trend indicates the company’s focus on specific areas.
Over time, Binance has evolved hand-in-hand with regulators and industry peers. The expansion of our compliance department and initiatives is proof of this ongoing development.
Although Binance has made substantial advancements thus far, they are eager to bring on additional team members. Binance’s compliance program is already leading in the industry, as acknowledged by Perlman. Nevertheless, Binance shows no signs of slowing down, according to him.
In accordance with recent developments, Binance is actively pursuing the recruitment of highly skilled professionals in compliance to bolster their existing compliance structure.
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2024-11-22 17:10