Binance to Hire 1,000 This Year, Focusing on Compliance Roles, Spending Over $200 Million to Meet Regulatory Requirements
Binance to Hire 1,000 This Year, Focusing on Compliance Roles, Spending Over $200 Million to Meet Regulatory RequirementsCALGARY, August 22, 2023 - Binance Holdings Ltd. will hire 1,000 people this year, with many designated for compliance roles
Binance to Hire 1,000 This Year, Focusing on Compliance Roles, Spending Over $200 Million to Meet Regulatory Requirements
CALGARY, August 22, 2023 - Binance Holdings Ltd. will hire 1,000 people this year, with many designated for compliance roles. The cryptocurrency exchange is reportedly spending over $200 million annually to meet regulatory requirements, including those stemming from a plea deal with U.S. authorities.
This move signals Binance's proactive response to increasing regulatory scrutiny from global authorities. In recent years, Binance has faced investigations from regulators in multiple countries over its operations and compliance issues. To address these concerns, Binance is expanding its compliance team and investing heavily in building a more robust compliance framework.
Binance's expansion plans suggest the cryptocurrency industry is moving towards greater compliance. As regulators worldwide intensify their oversight of the cryptocurrency space, crypto companies will inevitably need to strengthen their compliance measures to ensure their operations remain legal and compliant.
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