""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 anticipates staffing 645 full-time compliance employees by the year's end, reflecting a 34% yearly increase. Over 1,000 employees, including contractors, currently focus on compliance. This shift toward regulatory compliance follows a significant $4.3 billion settlement with U.S. regulators last year, prompting changes in leadership and strategy. New CEO Richard Teng emphasizes regulatory adherence as crucial for long-term sustainability, building on earlier compliance efforts initiated before the leadership change. The company's compliance expenditure grew by 36% in 2023, indicating a solid commitment to meeting regulatory standards.
#binance #compliance #regulation #ceo-change #regulatory-compliance #employee-growth #crypto-exchange #financial-crime #leadership-change
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