Boost

United

Steve

Binance, the leading cryptocurrency exchange in the world, has announced that it will expand its compliance team by 34% this year. This increase shows that the platform is dedicated to keeping up with the growing regulations in the cryptocurrency industry, which is facing more scrutiny worldwide.
<h2 id="b-binance-plans-to-increase-its-compliance-employees-b">Binance Plans to Increase its Compliance Employees</h2>
By the end of 2024, Binance plans to employ 645 full-time compliance professionals. According to a Binance report, the exchange has over 1,000 employees focused on compliance. This increase is part of the company’s larger plan to improve its regulatory practices and meet global standards. Investing in compliance is crucial now, as there is more focus on regulations for digital assets worldwide.
Binance has faced regulatory challenges, and this recent move shows its effort to address concerns and become a compliant leader in the industry. By expanding its compliance team, Binance aims to build a strong foundation for long-term success in an industry often criticized for a lack of oversight. Likewise, the exchange has been actively working on overhauling its regulatory compliance systems.&nbsp;
Last month,<a href="https://thecoinrise.com/binance-teams-with-aws-to-enhance-kyc-with-ai-cz-optimistic-on-regulatory-landscape/" rel="noopener noreferrer nofollow"> Binance partnered with Amazon Web Services (AWS)</a>, leveraging Amazon’s advanced generative AI to refine its Know Your Customer (KYC) procedures. This collaboration helps streamline user verification on the exchange by automating data entry, enhancing proof-of-address verification, and optimizing compliance checks.
<h2 id="b-boost-in-compliance-budget-b">Boost In Compliance Budget</h2>
Recall that the digital asset trading platform increased its budget in February to focus on <a href="https://thecoinrise.com/binance-us-hits-regulatory-roadblocks-in-alaska-and-florida/" rel="noopener noreferrer nofollow">compliance issues and international policies</a>. The firm raised its year-over-year spending on compliance from $158 million to $213 million.
As reported by TheCoinRise, <a href="https://thecoinrise.com/binance-increases-compliance-budget-amid-legal-troubles/" rel="noopener noreferrer nofollow">Binance purchased a fleet of new software systems</a> capable of blocking and reporting suspicious transactions. Furthermore, the increased compliance budget reflected personnel costs, as the firm decided to bring back Steve Christie as its deputy chief compliance officer.&nbsp;
<h2 id="b-thriving-despite-legal-hurdles-b">Thriving Despite Legal Hurdles</h2>
Market analysts have lauded <a href="https://thecoinrise.com/binance-hits-100t-milestone-in-spot-and-derivatives-trading-volume/" rel="noopener noreferrer nofollow">Binance’s performance</a> despite the exchange’s numerous legal issues. Notably, last year, Binance co-founder Changpeng ‘CZ’ Zhao pleaded guilty and had to <a href="https://thecoinrise.com/changpeng-zhao-quits-as-binance-ceo-after-doj-settlement/" rel="noopener noreferrer nofollow">resign as chief executive officer</a>.
The United States Department of Justice also fined Zhao and Binance $4.4 billion for willfully violating securities regulations. Although Zhao has severed his jail term, he is forbidden from returning to Binance as CEO. CZ, after his release from prison, shared details of his plans, including the <a href="https://thecoinrise.com/cz-speaks-out-post-release-on-x-details/" rel="noopener noreferrer nofollow">Giggle Academy, an educational project launched in March</a>.
The post <a href="https://thecoinrise.com/binance-expands-compliance-team-by-34-heres-why/" rel="noopener noreferrer nofollow">Binance Expands Compliance Team by 34%, Here’s Why</a> appeared first on <a href="https://thecoinrise.com/" rel="noopener noreferrer nofollow">TheCoinrise.com</a>.

Binance Expands Compliance Team by 34%, Here’s Why

Table of Contents

TheCoinrise Media

Other articles published on Nov 22, 2024

Senator Cynthia Lummis Yet Again Advocates for Bitcoin Strategic Reserve

Polygon Faces Its Strongest Rival Yet — Will This New Token Surpass $15?

Whales Are on Sale in Ethereum! The Whale That Bought ETH at $6 and a Corporate Giant Whale Are o...

Gary Gensler Announces Resignation as SEC Chair

Crypto All-Stars Presale Surges Past $5M – Only 28 Days Left To Buy $STARS At Discounted Price

Ripple News: RLUSD Added to Global Forex Data as a Recognized Currency

Join our free newsletter for daily crypto updates!