"Binance, the world's largest crypto exchange, says it expects to have 645 full-time compliance employees on staff by the end of the year - a 34% increase from last November - as it continues to rapidly build out its compliance department."
"Binance's intense focus on regulatory compliance is relatively new for the crypto exchange, which just one year ago, agreed to pay a massive $4.3 billion fine to various U.S. regulators for violating the Bank Secrecy Act (BSA) and knowingly allowing users to skirt international sanctions."
""Our industry has entered a paradigm shift and new phase of maturation where regulatory compliance is an essential standard to user experience and protection, business success, and responsible growth," Perlman said. "Binance has matured alongside regulators and other players throughout the years, and the continued growth of our compliance team"
Binance plans to have 645 full-time compliance employees by year-end, a 34% increase from last November, and already has over 1,000 compliance-focused staff including contractors. The firm paid a $4.3 billion fine to U.S. regulators a year ago for Bank Secrecy Act violations and allowing users to evade international sanctions; the founder stepped down and received a four-month prison sentence. Leadership changes placed regulatory-experienced executives in key roles, and compliance spending rose 36% in 2023. Compliance is being positioned as essential to user protection, business sustainability, and responsible growth moving forward.
Read at Coindesk
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