Binance, the world's largest cryptocurrency exchange, has significantly increased its compliance efforts by hiring 1,000 new employees this year, with a focus on compliance roles.
The expansion is part of efforts to meet strict regulatory requirements, particularly in the United States, where the company faces ongoing scrutiny as a result of the plea agreement.
Binance's spending on compliance has jumped to over $200 million, reflecting the company's commitment to complying with regulations.
Richard Teng, CEO of Binance, emphasized the importance of government agencies and regulatory bodies in the crypto space.
Under Teng's leadership, Binance has implemented several reforms, including changes in the way it works with brokers, stricter digital token listing requirements and the spin-off of its venture arm.
Despite the challenges, Binance was able to maintain their profitability, with plans to establish global headquarters in cities such as Dubai or Abu Dhabi.
Hiring also includes various roles such as customer service, following a resurgence in crypto market activity.
This robust expansion highlights Binance's determination to maintain its leading position in the fast-growing cryptocurrency industry.