As a seasoned analyst with a background in regulatory compliance and a keen interest in the dynamic world of cryptocurrency exchanges, I find Binance’s recent hiring spree in its compliance department both intriguing and commendable. Having spent years navigating the complex web of financial regulations, I can appreciate the strategic importance of this move for Binance’s ongoing transformation.
According to a recent announcement made on its Binance Square platform on November 22nd, Binance is expanding its Compliance department significantly this year. By the end of the year, the team’s size is expected to grow by approximately 34%. This means that there will be around 645 full-time employees in the Compliance department, with over 1,000 people including contractors.
Compliance for business success
This action aligns with the cryptocurrency exchange’s “enhanced dedication to abiding by regulations” and its continuous “evolution” following its resolution with U.S. regulatory bodies in 2023. Over this period, they have boosted their investment in compliance by 36%.
Binance chief compliance officer Noah Perlman said in the announcement:
“Our sector is maturing rapidly, and compliance has become central to user protection, business success, and sustainable growth. Binance’s expanded compliance efforts reflect our commitment to setting industry standards.”
Binance announced that they are recruiting professionals from conventional finance and government sectors, emphasizing three key high-level appointments. Todd McElduff has been appointed as the enterprise compliance director, while Céline Inial will serve in a similar role for France, and Caner Akyürek will specialize in investigations for Turkey.
In August, Binance said it would increase its compliance team by at least 200.
Binance’s ongoing transformation
Prior to his current role as CEO at Binance, Richard Teng had previously served as a regulatory official. Specifically, he led the Financial Services Regulatory Authority within Abu Dhabi Global Market and held the position of Chief Regulatory Officer for the Singapore Exchange in the past.
In accordance with an agreement reached with U.S. authorities, which involved penalties totaling $4.3 billion and ongoing rigorous oversight due to insufficient Anti-Money Laundering practices at the cryptocurrency exchange Binance, Zhao relinquished his position. Later, Zhang received a four-month prison sentence on a single felony charge as part of a plea bargain.
In the year 2022, Binance raised its compliance-related expenditure by 35% – going from $158 million to $213 million.
Recently, Binance has been actively focusing on enhancing its partnerships and collaboration with law enforcement agencies and government bodies.
Read More
- DYM PREDICTION. DYM cryptocurrency
- CYBER PREDICTION. CYBER cryptocurrency
- ZK PREDICTION. ZK cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- POPCAT PREDICTION. POPCAT cryptocurrency
- Top gainers and losers
- SKEY PREDICTION. SKEY cryptocurrency
- TURBO PREDICTION. TURBO cryptocurrency
- BNB PREDICTION. BNB cryptocurrency
- XRP PREDICTION. XRP cryptocurrency
2024-11-22 21:55