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Binance plans to hire 1,000 new employees this year, with a substantial focus on compliance roles. A large portion of these hires is specifically aimed at expanding the company’s compliance team from its current 500 members to 700 by the end of 2024.
Hence, compliance-related spending, which was $158 million two years ago, is expected to rise further. Teng also mentioned that US-appointed monitors from Forensic Risk Alliance and Sullivan & Cromwell have started their oversight, focusing on assessing the company’s financial statements and transaction tracking. This monitoring is still in its early stages, the exec added.
However, Teng refrained from confirming whether he had met with the Securities and Exchange Commission during his current trip, as the securities regulator had sued Binance in a separate lawsuit for allegedly offering financial securities without necessary registration.to pay $4.3 billion in fines after a US judge approved the plea agreement in February as a settlement with the DOJ and other US agencies for compliance failures that allowed criminals and terror groups to exploit the exchange.
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