{"id":100633,"date":"2024-11-22T18:12:57","date_gmt":"2024-11-22T22:12:57","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=100633"},"modified":"2024-11-22T18:13:01","modified_gmt":"2024-11-22T22:13:01","slug":"binance-increases-compliance-team-by-34-to-645","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/binance-increases-compliance-team-by-34-to-645\/","title":{"rendered":"Binance Increases Compliance Team by 34% to 645"},"content":{"rendered":"\n

Binance will expand its compliance team by 34% by the end of 202<\/a>4, following a 2023 agreement with U.S. authorities.<\/p>\n\n\n\n

\"Binance
Binance Increases Compliance Team by 34% to 645<\/figcaption><\/figure>\n\n\n\n

Within its compliance department, Binance has undergone a hiring rush in recent times. As of the 22nd of November, the exchange announced on its Binance Square platform <\/a>that it will grow the size of the workforce by 34 percent by the end of the year. <\/p>\n\n\n\n

Six hundred and forty-five full-time members and more than one thousand members, including contractors, will make up the compliance team. <\/p>\n\n\n\n

This action is a component of the cryptocurrency exchange's “intensified commitment to regulatory adherence” and its “ongoing transformation” since it reached a consensus with the regulatory authorities in the United States in 2023. Over that time period, it has increased its compliance spending by 36%.<\/p>\n\n\n\n

Noah Perlman, the chief compliance officer for Binance, stated in the announcement that the company was highlighting three high-level hires and that it was taking on professionals from traditional financial and government organizations. <\/p>\n\n\n\n

\n

\u201cOur sector is maturing rapidly, and compliance has become central to user protection, business success, and sustainable growth. Binance\u2019s expanded compliance efforts reflect our commitment to setting industry standards.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Furthermore, Binance has appointed C\u00e9line Inial and Caner Aky\u00fcrek as special investigations specialists for France and Turkey, respectively. Todd McElduff will take on the role of enterprise compliance director from this point forward.<\/p>\n\n\n\n

Binance announced in August that it would be increasing the size of its compliance team by at least 200 members. Richard Teng, the current CEO of Binance, used to work as a regulator before joining the company in 2021. <\/p>\n\n\n\n

\"\"
Source: Bloomberg<\/figcaption><\/figure>\n\n\n\n

The departure of Changpeng Zhao, the company's creator, led to his promotion to his current post. Before he became the chairman of the Financial Services Regulatory Authority at Abu Dhabi Global Market, he served as the top regulatory officer of the Singapore Exchange.<\/p>\n\n\n\n

Zhao resigned from his position at Binance as part of a settlement with US authorities that includes penalties totaling $4.3 billion and continued intensive supervision. The cryptocurrency exchange's lax implementation of anti-money laundering measures led to the settlement. <\/p>\n\n\n\n

In the end, Zhang reached a plea deal that resulted in him receiving a sentence of four months in jail for a single felony charge. The amount of money that Binance spent on compliance jumped by 35% in 2022, going from $158 million to $213 million. Over the past few months, Binance\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> has focused a significant portion of its efforts on law enforcement training and has collaborated with various government authorities.<\/p>\n","protected":false},"excerpt":{"rendered":"

Binance will expand its compliance team by 34% by the end of 2024, following a 2023 agreement with U.S. authorities. Within its compliance department, Binance has undergone a hiring rush in recent times. As of the 22nd of November, the exchange announced on its Binance Square platform that it will grow the size of the […]<\/p>\n","protected":false},"author":62,"featured_media":100639,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[834],"tags":[326,17366,23007],"class_list":["post-100633","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binance","tag-binance","tag-richard-teng","tag-us-authorities"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/11\/images-7-1.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/100633","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=100633"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/100633\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/100639"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=100633"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=100633"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=100633"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}