TechFlow news, November 22 — According to CoinDesk, in its latest statement Binance said it expects its full-time compliance team to reach 645 employees by the end of 2024, a 34% increase from November last year. Including contractors, more than 1,000 staff are currently focused on compliance-related work.
Binance's Chief Compliance Officer Noah Perlman stated that the crypto industry has entered a new phase of maturity, where regulatory compliance has become a fundamental standard for user experience and protection, business success, and responsible growth. Recently hired compliance professionals include Todd McElduff, former head of global financial crime monitoring at PayPal, as well as Céline Inial and Caner Akyürek—special investigation experts with nearly 20 years of experience from law enforcement agencies in France and Turkey. In 2023, Binance’s compliance spending increased by 36% year-on-year.
In 2023, Binance paid $4.3 billion in penalties to U.S. regulators for violations of the Bank Secrecy Act. Since then, Richard Teng, a former regulator from Singapore and the UAE, took over as CEO and has been actively driving Binance’s compliance transformation.
