Binance Set to Recruit 1,000 New Hires, Majority for Compliance Roles
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Crypto exchange Binance reportedly plans to hire 1,000 new employees in 2024, focusing primarily on compliance positions. This move comes as part of its strategy to address regulatory challenges, especially in the US.
The exchange’s expenditure toward compliance and regulatory adherence this year has exceeded $200m.
Binance CEO Richard Teng is currently in the US to engage with regulatory monitors and officials. During a Bloomberg interview on Wednesday, he discussed his objective to enhance compliance within the company. Teng, who has a background in regulation, spoke about the significance of government agencies in his approach to running Binance.
Binance plans to have 700 compliance staff by the end of 2024, up from about 500 now. Dubai, Abu Dhabi and another city are on the shortlist of possible locations for the headquarters. HeYi is involved in all aspects of the business and runs Binance’s HR department.
Teng did not confirm if he had any meetings with the US Securities and Exchange Commission, currently involved in legal action against Binance, during his visit.
Binance didn’t return Cryptonews’ request for comment by press time.
Prior to his role at Binance, Teng held the position of Director of Corporate Finance at the Monetary Authority of Singapore, where he played a key role in financial regulation and policy. He also served as the CEO of the Financial Services Regulatory Authority at the Abu Dhabi Global Market.
Teng first became part of Binance when he took on the role as head for Binance’s operations in Singapore back in August 2021. However, his time there was short-lived as
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