{"id":118962,"date":"2024-08-22T03:26:06","date_gmt":"2024-08-22T03:26:06","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/08\/22\/binance-hiring-1000-as-compliance-spending-tops-200-million-times-of-india\/"},"modified":"2024-08-22T03:26:06","modified_gmt":"2024-08-22T03:26:06","slug":"binance-hiring-1000-as-compliance-spending-tops-200-million-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/08\/22\/binance-hiring-1000-as-compliance-spending-tops-200-million-times-of-india\/","title":{"rendered":"Binance hiring 1,000 as compliance spending tops $200 million &#8211; Times of India"},"content":{"rendered":"<div style=\"text-align:center\"><img loading=\"lazy\" decoding=\"async\" width=\"650\" height=\"486\" src=\"https:\/\/i2.wp.com\/static.toiimg.com\/photo\/msid-112696366,imgsize-22888.cms?resize=650,486&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Binance hiring 1,000 as compliance spending tops 0 million &#8211; Times of India\" title=\"Binance hiring 1,000 as compliance spending tops 0 million &#8211; Times of India\" \/><\/div>\n<div>Binance Holdings Ltd<!-- --> is hiring 1,000 people this year with many earmarked for compliance roles as the crypto exchange\u2019s annual spending to meet regulatory requirements, including US oversight under a plea deal, tops $200 million.<br \/>Chief Executive Officer <!-- -->Richard Teng<!-- -->, who is visiting the US to talk to monitors and officials, outlined the employment goals for the world\u2019s largest crypto trading platform in an interview with Bloomberg News in New York on Wednesday.<br \/>\u201cI\u2019ve been a regulator all my life,\u201d Teng said. \u201cGovernment agencies are important.\u201d He declined to say whether he has met with the Securities and Exchange Commission during his trip. The SEC is suing Binance and wasn\u2019t part of the US settlement.<br \/>That plea deal with the Justice Department and other US agencies included a $4.3 billion penalty for failures that let criminals and terror groups use the exchange. The firm faces years of compliance monitoring by the DOJ and the US Treasury\u2019s Financial Crimes Enforcement Network.<br \/><span class=\"strong\" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\">Compliance Workforce<\/span><br \/>Binance<!-- --> plans to have a 700-strong compliance workforce by the end of 2024, up from about 500 currently, said 55-year-old Teng. His career includes stints as a senior regulator at the Monetary Authority of Singapore as well as at the city-state\u2019s SGX stock exchange. He was also chief executive officer of the regulator at Abu Dhabi\u2019s international financial center.<br \/>Teng said Binance fields a growing number of requests from law-enforcement agencies worldwide, numbering 63,000 so far this year, up from 58,000 in 2023. <br \/>Spending on compliance has climbed from $158 million two years ago and is set to increase further, he said. The monitors appointed by the US agencies, Forensic Risk Alliance and Sullivan &amp; Cromwell, have already begun work. <br \/>\u201cThey\u2019re going to do an assessment,\u201d Teng said. \u201cWe\u2019re very early in the journey.\u201d The monitors keep an eye on the company\u2019s financial statements and transaction tracking, he added.<br \/>In June, a judge ruled that the bulk of the SEC lawsuit against Binance and its billionaire co-founder Changpeng \u201cCZ\u201d Zhao can proceed. The SEC sued Binance and Zhao in 2023 for mishandling customer funds, misleading investors and regulators, and breaking securities rules. The defendants contested the claims and asked for the case to be dismissed. Teng said Binance will continue to fight the accusations.<br \/>Teng took over as Binance\u2019s chief executive after Zhao stepped down as part of the US plea deal. Zhao was subsequently sentenced to a four-month jail term.<br \/><span class=\"strong\" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\">Teng\u2019s Changes<\/span><br \/>Under Teng, Binance has adjusted the way it works with prime brokers, tightened requirements for listing new digital tokens and spun off its venture arm. But the company has yet to formally designate a global headquarters or release a fully audited set of accounts. <br \/>Teng said the business continues to be profitable and that Dubai, Abu Dhabi and another city he declined to specify are on a short-list of potential locations for the headquarters. A company spokesperson two months ago said Binance\u2019s headcount was upwards of 5,000 staff.<br \/>The planned hiring spree also encompasses customer service roles, according to Teng. The expansion follows a rebound in crypto prices and trading volumes from a bear market in 2022 that led to a spate of job losses across the sector.<\/div>\n<p><script>\nvar _mfq = window._mfq || [];\n_mfq.push([\"setVariable\", \"toi_titan\", window.location.href]);\n!(function(f, b, e, v, n, t, s) {\n    function loadFBEvents(isFBCampaignActive) {\n      if (!isFBCampaignActive) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        if (f.fbq) return;\n        n = f.fbq = function() {\n          n.callMethod ? n.callMethod(...arguments) : n.queue.push(arguments);\n        };\n        if (!f._fbq) f._fbq = n;\n        n.push = n;\n        n.loaded = !0;\n        n.version = '2.0';\n        n.queue = [];\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/connect.facebook.net\/en_US\/fbevents.js', n, t, s);\n      fbq('init', '593671331875494');\n      fbq('track', 'PageView');\n    };\n    function loadGtagEvents(isGoogleCampaignActive) {\n      if (!isGoogleCampaignActive) {\n        return;\n      }\n      var id = document.getElementById('toi-plus-google-campaign');\n      if (id) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        t.id = 'toi-plus-google-campaign';\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/www.googletagmanager.com\/gtag\/js?id=AW-877820074', n, t, s);\n    };\n    function loadSurvicateJs(allowedSurvicateSections = []){\n      const section =  window.location.pathname.split('\/')[1]\n      const isHomePageAllowed = window.location.pathname === '\/' && allowedSurvicateSections.includes('homepage')\n      if(allowedSurvicateSections.includes(section) || isHomePageAllowed){\n        (function(w) {\n         function setAttributes() {\n                    var prime_user_status = window.isPrime ? 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