Richard

bullish

The post <a href="https://coinpedia.org/news/binance-and-ripple-a-comparison-of-their-spending-on-regulatory-compliance/">Binance Boosts Regulatory Compliance Spending with $200M; Ripple Left Behind!</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
Binance, the world’s largest cryptocurrency exchange, is preparing to spend over $200 million on regulatory compliance. This spending will even surpass the $200 million Ripple spent on legal fees during its major lawsuit with the SEC. 
But why is Binance making such a large investment in compliance, and what does it mean for the crypto industry? Let’s break it down. 
<h2 class="wp-block-heading" id="h-learning-from-ripple-s-sec-fight">Learning from Ripple’s SEC Fight</h2> 
In response to the SEC’s crackdown on the crypto sector, Binance is doubling down on its efforts to follow the rules. CEO Richard Teng spoke about the company’s strong focus on compliance in a recent <a href="https://www.bloomberg.com/news/articles/2024-08-22/binance-hiring-1-000-as-compliance-spending-tops-200-million">Bloomberg interview</a>. Binance has significantly increased its compliance budget, growing from $158 million two years ago to over $200 million today. 
This spike in spending is partly due to more intense scrutiny from the Department of Justice and the US Treasury’s Financial Crimes Enforcement Network, especially after Binance was hit with a $4.3 billion fine for money laundering violations. 
Expanding the Compliance Team 
To strengthen its compliance efforts, Binance plans to hire 1,000 new employees this year, with many of those roles dedicated to regulatory compliance. By the end of 2024, the company expects to have 700 people working on compliance, signaling its dedication to meeting global regulatory standards as pressure from US agencies grows. 
The Industry-Wide Push for Compliance 
The crypto industry as a whole has been pouring billions into compliance and settling disputes with regulators. This trend has become even more pronounced as companies try to adapt to the unclear regulatory landscape. Many believe this stronger focus on regulation could support a recovery in the crypto market as firms align themselves with the rules. 
<h2 class="wp-block-heading" id="h-crypto-market-remains-bullish">Crypto Market Remains Bullish</h2> 
Even with these regulatory pressures, Binance’s hiring spree—and similar moves by companies like Tether—points to an optimistic outlook for the crypto market. Tether’s CEO, Paolo Ardoino, also announced plans to double their workforce, signaling confidence in the future of the industry despite the ongoing regulatory challenges. 
As Binance faces regulatory challenges head-on, its huge investment in compliance highlights the increasing importance of following regulations in the crypto space. This move is part of a larger trend in the industry, where embracing regulation is seen as crucial for long-term growth and stability. 
Also Check Out: <a href="https://coinpedia.org/news/reviving-nvidia-lawsuit-could-invite-danger-to-crypto-giants-tdc-warns/" target="_blank" rel="noreferrer noopener">Nvidia Lawsuit Revival Could Spell Trouble for Crypto Companies</a>

Binance Boosts Regulatory Compliance Spending with $200M; Ripple Left Behind!

Table of Contents

CoinPedia News

Other articles published on Aug 22, 2024

Crypto Trading Platform ezBtc Allegedly Diverted $9.5M Customer Funds to Gambling Sites

Hege Price Prediction: HEGE Soars 86% As This PEPE 2.0 Presale Rockets Towards $10 Million

Marathon Digital to Raise $250 Million to Boost Bitcoin Holdings

Crypto Reacts to Fed's Market Signal: Details

XRP ETF Approval Could Signal New Era for Digital Assets

FLOKI Price Breaks Above the Range: Will PEPE Price Follow the Trend & Reach $0.0002?

Join our free newsletter for daily crypto updates!