The company aims to increase the number of full-time employees in the compliance team to 645 by the end of 2024, a 34 percent increase compared to the same period last year. In addition, when contractors are included, Binance’s total number of compliance staff is over 1,000.

Binance’s intense compliance efforts are part of the company’s strategy to improve its relations with regulators and maintain a leading position in the industry.

Last year, Binance agreed to pay a $4.3 billion fine to US regulators for violating the Bank Secrecy Act (BSA) and turning a blind eye to international sanctions. In this process, Binance’s founder and CEO at the time, Changpeng “CZ” Zhao, resigned from his position and was sentenced to four months in prison.

Following CZ’s departure, Richard Teng, who has regulatory experience, took over as head of the company.

Teng is a name who has served as a regulator in Singapore and the United Arab Emirates. After becoming CEO, he draws attention with his goal of accelerating Binance’s compliance processes and ensuring that the company becomes a model compatible with regulators. According to Teng, regulatory compliance is a vital element for Binance’s long-term sustainability.

Binance had already begun focusing on compliance efforts before Teng’s appointment. For example, Binance Head of Financial Crime Compliance Tigran Gambaryan left the US Internal Revenue Service (IRS) and joined the company in 2021. Additionally, in 2023, Binance increased its compliance spending by 36 percent and included many experienced names in this field to its team.

One of the notable new names joining Binance’s compliance department is the new Corporate Compliance Director Todd McElduff. McElduff previously led the global financial crimes enforcement unit at PayPal and worked in the financial crime department at Morgan Stanley.

The company also added Céline Inial and Caner Akyürek, who served in law enforcement forces in France and Turkey for many years, to the team as special investigation experts.

Noah Perlman, Binance’s Chief Compliance Officer, stated that the industry is going through a significant change and said, “Our industry has moved into a new phase of maturity where regulatory compliance is the fundamental standard for user experience, protection, business success and responsible growth.”

Perlman summarized Binance’s efforts to maintain industry-leading compliance standards:

“We are adding the most talented compliance experts to our team to continue protecting our global base of more than 240 million users. “This growth demonstrates our commitment not only to protecting our users, but also to meeting the demands of our rapidly maturing industry.”

With the steps it takes in regulatory compliance, Binance aims to not only increase user security but also ensure long-term business sustainability. This strategy is seen as an important step to strengthen the company’s leading position in the crypto industry.