The company aims to increase its compliance workforce by 200 this year, along with another 800 staff in other departments.
The world’s largest crypto exchange, Binance, is reportedly planning to ramp its headcount by 1,000 this year, with at least 20% of the new staff focused on compliance.
The move comes as the company’s annual spending on meeting regulatory requirements surpassed $200 million.
Speaking to Bloomberg on Aug. 21, Binance CEO Richard Teng, who has a background in regulation, outlined these goals, stating that the firm aims to increase its compliance workforce to 700 by the end of 2024, up from 500.
