Binance Expands Compliance Team by 34%, Strengthening Regulatory Commitment

Binance is significantly expanding its compliance team, increasing its size by 34% to a total of 645 full-time staff members by the end of 2024, the cryptocurrency exchange announced on November 22 via its Binance Square platform. Including contractors, the team will exceed 1,000 members. This move comes as part of Binance’s broader effort to enhance its regulatory adherence and ensure long-term sustainable growth.

A Focus on Regulatory Adherence

The expansion of Binance’s compliance department is a direct response to the rapidly evolving regulatory environment in the cryptocurrency industry. This initiative is part of the exchange’s ongoing transformation, which began in earnest following its resolution with U.S. regulators in 2023. As part of this commitment, Binance has increased its spending on compliance by 36%, reflecting the company's dedication to meeting global regulatory standards.

Binance’s Chief Compliance Officer, Noah Perlman, emphasized the importance of compliance in the company’s continued success: “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.”

Key Hires and Strategy

To bolster its compliance efforts, Binance is recruiting talent from traditional finance and government agencies. Among its high-profile hires are Todd McElduff, who will take on the role of enterprise compliance director, as well as Céline Inial and Caner Akyürek, who will serve as special investigations specialists for France and Turkey, respectively.

This hiring spree follows an earlier commitment by Binance to add at least 200 new compliance staff members by the end of the year. The exchange has also ramped up its compliance budget in recent years, with spending increasing from $158 million in 2022 to $213 million.

Binance’s Evolving Leadership and Strategy

The expansion comes as part of a broader transformation under CEO Richard Teng, who took the helm after founder Changpeng Zhao stepped down in the wake of legal and regulatory settlements with U.S. authorities. Zhao’s resignation was part of a $4.3 billion settlement and ongoing scrutiny due to allegations of inadequate Anti-Money Laundering (AML) measures at the exchange. Zhao later faced legal consequences, including a four-month prison sentence as part of a plea deal.

Teng, who joined Binance in 2021, brings deep regulatory expertise to the company. Before assuming the role of CEO, he served as the head of the Financial Services Regulatory Authority at Abu Dhabi Global Market and held a senior regulatory role at the Singapore Exchange.

In recent months, Binance has placed a strong emphasis on its collaboration with law enforcement and ongoing efforts to train its staff and cooperate with regulatory bodies worldwide.

Conclusion

Binance’s increased focus on compliance reflects the exchange’s recognition that regulatory compliance is not just a necessity but a key driver of business success in the increasingly scrutinized cryptocurrency space. With a rapidly expanding compliance team and new strategic hires, Binance aims to lead by example and set a high standard for the industry, ensuring that it remains a trusted platform for users and regulators alike.