Richard Teng, the CEO of Binance, mentioned that the crypto exchange plans on increasing its current team by hiring 1,000 people this year, with at least 20% allocated for compliance-related roles. 

Speaking to Bloomberg in an interview, the recent hiring plan by Richard Teng is part of Binance’s annual spending for its regulatory requirements, which crossed more than $200 million. Teng stated that the crypto exchange will be increasing its compliance workforce from 500 to 700 by the end of 2024.

Although the regulatory compliance spending has surpassed $200 million, Teng claimed that the cost might increase further in the future. 

Teng, who was an ex-regulatory officer, claimed that the monitors appointed by the US regulators, Forensic Risk Alliance and Sullivan & Cromwell, will evaluate the company’s statements and track all the crypto exchange’s transactions. 

The regulatory compliance cost and intervention of US regulator-approved entities’ assessment comes after Binance was found guilty of engaging in anti-money laundering and unlicensed money transmitting. 

Back on Nov. 21, 2023, Binance Holdings Limited and Binance.com pleaded guilty and agreed to pay over $4 billion to resolve the Justice Department’s investigation for the violations against the Bank Secrecy Act, and International Emergency Economic Powers Act (IEEPA).

Upon further investigations and court hearings, the former CEO of Binance, Changpeng Zhao, also pleaded guilty to failing to maintain an effective anti-money laundering (AML) program. 

After being found guilty, the United States District Court for the District of Columbia ruled the lawsuit against Binance and Zhao can proceed.  Out of all the 13 counts, the court claimed that 10 counts “will proceed” and the remaining will be dismissed.  

Despite Binance being found guilty, Richard tweeted on Aug. 21 that the crypto exchange is investing in “proactively creating a more secure ecosystem is unparalleled. ”

Read more: Binance secures approval from India’s FIU-IND as 'reporting entity'