Binance Expands Compliance Team with 200 New Roles Amid $4.3B Legal Settlement and Ongoing SEC Challenges

• Binance’s CEO, Richard Teng, confirms a 20% workforce increase focused on compliance roles.
• The expansion follows a hefty $4.3 billion penalty and a plea deal with U.S. regulatory bodies.
•  Binance continues to face SEC charges but remains committed to improving its compliance protocols.

In a strategic move to fortify its compliance capabilities, Binance has announced plans to expand its workforce significantly by the end of 2024. Richard Teng, the CEO since late 2023, revealed in a recent interview with Bloomberg that the crypto exchange will add 1,000 new employees, dedicating 20% specifically to enhancing its compliance department.

The Team Expansion to Improve Regulatory Compliance.

Increased regulatory demands, especially in the USA require compliance commitment. Binance compliance team has 500 staff at present. This would be expanded by an additional 200 and this is meant to show how the company is committed to meeting legal standards. In the past year alone, Binance has invested more than $200 million into its compliance efforts as it strives to proactively address global regulations that are becoming very severe.

This expansion for Binance could not have come at a better time given its legal woes like anti-money laundering concerns and allegations of breaching the Bank Secrecy Act. Most importantly, there was a major development when Binance agreed to pay a $4.3 billion penalty in addition to five years of compliance monitoring from the US Department of Justice and Financial Crimes Enforcement Network.

Never-Ending Attempts Under Unending Judicial Scrutiny

Binance’s effort notwithstanding, they continue facing litigation complexities including those from the United States Securities and Exchange Commission (SEC). Some of these include breaking securities laws and misappropriation of customer money. Therefore, Binance remains determined to contest them alongside enhancing their suitability plans for future litigation prevention purposes.