- Binance's Hiring and Compliance Spending Plans
- Statements from Richard Teng
- General Trends in the Cryptocurrency Sector
Binance, the world's largest crypto exchange, plans to significantly increase spending on regulatory compliance after recent conflicts with regulators.
Binance's Hiring and Compliance Spending Plans
Binance Holdings plans to hire 1,000 people this year, many dedicated to compliance roles. The company plans to spend more than the total costs Ripple incurred in fighting against the SEC lawsuit.
Statements from Richard Teng
In a Bloomberg interview, Binance CEO Richard Teng discussed the exchange's goals for regulatory compliance and hiring plans this year. According to Teng, spending on compliance surpassed $200 million, significantly up from $158 million two years ago.
General Trends in the Cryptocurrency Sector
Crypto companies in general have spent billions on compliance or settlements with regulators. This has become a major issue for the industry amid a lack of clarity and clear guidelines from regulators.
Spending on regulatory compliance has become a significant cost for crypto companies. Against this backdrop, there are suggestions of market recovery and increased requirements for new listings.
