This year, Binance Holdings Ltd. plans to hire 1,000 workers, many of whom will be assigned to compliance positions given that the cryptocurrency exchange spends more than $200 million a year to comply with regulatory obligations, including US oversight under a plea agreement.
Chief Executive Officer of Binance, Richard Teng, who is in the country to meet with officials and monitors, described the company’s employment objectives for the biggest cryptocurrency trading platform globally.
“I’ve been a regulator all my life,” Teng said. “Government agencies are important.” He refused to comment on whether or not he had meetings with the Securities and Exchange Commission while traveling. The US settlement did not include the SEC, which is suing Binance.
A $4.3 billion fine was part of the plea agreement with the Justice Department and other US agencies for mistakes that allowed terrorist organizations and criminals to take advantage of the exchange. The DOJ and the Financial Crimes Enforcement Network of the US Treasury will be monitoring the company’s compliance for years to come.
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