Binance Is Expanding with 1,000 New Hires

Binance is expecting a banner year as they start to hire 1,000 new employees within a year. Many of those new hires will go directly into compliance work.

Their role will be to ensure that Binance Holdings is complying with all relevant regulations, both in the US and abroad. The crypto currency exchange platform, which is the largest in the world, has come under pressure again and again from regulatory bodies to change their operations and to meet new and changing laws regarding crypto businesses.

The company’s CEO, Richard Teng, said he sees how important it is to have the government regulate a market like this, and he is working hard to ensure that his company is compliant. Binance recently reached a $200 million settlement with the Us government and is also being sued by the US Securities and Exchange Commission (SEC).

Binance is being asked to pay the US government because they did not safeguard their platform closely enough, and criminals and terrorist organizations were able to use it for illegal activities. The company now has to undergo extensive monitoring to ensure that similar lapses do not occur.

The Employee Surge

Right now, Binance has about 500 employees, but that is set to grow substantially this year. By the end of 2024, the company expects to have 700 employees. If many of them move into compliance roles, then they will be able to help with the thousands of requests from regulatory agencies worldwide that the company is dealing with.

They will also need to be prepared for new regulations that are sure to come into effect once the US elections have settled. With crypto regulation as a major talking point this election, the market expects changes to happen shortly after the new President is decided.

The Republican party has pushed crypto as one of its key issues, and the Democratic party is working to catch up and bring VP Kamala Harris on board with the idea of making crypto important.