As reported by Bitcoin.com, in a recent interview with Bloomberg in New York, Binance CEO Richard Teng revealed the company’s ambitious plan to hire 1,000 new employees this year, with a strong focus on compliance roles. This move comes as the crypto exchange’s regulatory spending exceeds $200 million, reflecting its commitment to strengthening its compliance operations in response to heightened regulatory scrutiny.
Teng, who previously held key regulatory positions at the Monetary Authority of Singapore and the Financial Services Regulatory Authority at Abu Dhabi Global Market, stressed the significance of government oversight, noting, "I’ve been a regulator all my life ... Government agencies are important."
Despite facing challenges such as ongoing lawsuits and the need for years of U.S. oversight, Teng affirmed Binance’s unwavering dedication to enhancing its compliance infrastructure.
The company has already made notable changes under Teng’s leadership, including bolstering collaboration with prime brokers, tightening digital token listing requirements, and spinning off its venture arm. However, Binance has yet to establish a global headquarters or publish fully audited accounts. Teng mentioned potential headquarters locations in Dubai and Abu Dhabi but refrained from providing further details.
With the compliance journey still in its nascent stages, Teng acknowledged that an assessment is in progress, stating, "They’re going to do an assessment ... We’re very early in the journey."
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