The world's largest cryptocurrency exchange, Binance, plans to hire 1,000 people in 2024, according to current CEO Richard Teng. Many of the new hires will focus on regulatory compliance.
Hiring Plans
In a recent interview with Bloomberg, Richard Teng discussed the company's plans to increase its workforce by 1,000 employees this year. This decision is partly driven by the need to strengthen the company's efforts in regulatory compliance and interaction with government agencies.
Interaction with Government Agencies
Binance is placing a significant emphasis on working with government agencies, stemming from a recent deal where the company agreed to pay a $4.3 billion fine and enhance monitoring of its activities. Consequently, the company is receiving more inquiries from law enforcement.
Investments in Regulatory Compliance
Binance's annual costs to comply with regulations, including U.S. oversight, exceed $200 million. Such investments are necessary to adhere to all norms and ensure the security of conducted operations.
Considering the company's intention to hire a significant number of new employees to ensure regulatory compliance, it is possible that market activity may increase in the coming months.
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