Binance set to recruit 1000 Staff as compliance spending hits $200 Million

The largest cryptocurrency exchange, Binance, announced plans to recruit 1,000 new staff in 2024.

As per the reports from Bloomberg, Binance plans to hire 1,000 additional staff members in 2024, primarily for compliance-related positions. This action was taken after the business was spending $200 million a year on US regulatory compliance and oversight organizations.

The majority of the new staff hired will be assigned to compliance positions given that the cryptocurrency exchange spends more than $200 million a year to comply with regulatory requirements, including US oversight under a plea agreement, the post added.

Binance Chief Executive Officer (CEO) Richard Teng, who is currently in the United States, stated on Wednesday in the Bloomberg News interview in New York that the company will use a large percentage of its new hires to grow its compliance team from 500 to 700 members. As of 2024, there had been 63,000 requests as opposed to 58,000 the year before. The CEO said that two individuals acting as monitors have already started evaluating Binance's financial statements and transaction tracking.

The Economic and Financial Crimes Commission (EFCC) and the Federal Inland Revenue Service (FIRS) are suing Binance and its executives in Nigeria for alleged crimes including money laundering, tax evasion, and currency speculation totaling $34,400,000. In addition, the exchange agreed to pay a settlement of $1.75 million to the Brazilian Securities Commission (SEC), which had prohibited it from providing derivatives products in 2020 in Brazil.

Earlier this month, Binance was hit with an $86 million tax bill by Indian authorities as regards GST violations. Users in India trading on the platform between July 2017 and March 2024 allegedly paid fees to Binance.

In 2023, Binance and its former CEO, Zhao, reached a plea agreement with the Department of Justice (DOJ) to resolve criminal charges related to their failure to stop criminal actors from engaging in crime-related activities on the platform, among other infractions. A U.S. judge accepted the plea deal in February of this year, ordering Binance to pay $4.3 billion in fines. 

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