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Binance, the leading cryptocurrency exchange, is gearing up for a significant expansion, planning to increase its workforce by 1,000 by the end of 2024, as per Bloomberg’s latest report. This move includes bolstering its compliance team from 500 to 700 members, underscoring its commitment to regulatory excellence. The expansion is part of a strategic initiative to enhance transaction tracking and financial statement assessments, with two monitors, Forensic Risk Alliance and Sullivan & Cromwell, leading the efforts.
The firm is set to invest over $200 million in regulatory compliance this year, following a plea deal with the U.S. Justice Department. This agreement, finalized earlier in February, addressed past shortcomings and established stringent measures to prevent misuse of the platform. Despite facing ongoing challenges, including a lawsuit from the SEC, Binance’s proactive stance in compliance and governance highlights its dedication to securing a trustworthy future for cryptocurrency trading.
