Crypto exchange Binance hiring 1,000 new staff as compliance spending tops US$200 million

Quick Summary:

The world’s largest cryptocurrency exchange plans to have a 700-strong compliance workforce by the end of 2024, up from about 500 at present, according to CEO Richard Teng.

In June, a judge ruled that the bulk of the SEC lawsuit against Binance and its billionaire co-founder Changpeng “CZ” Zhao can proceed.

The SEC sued Binance and Zhao in 2023 for mishandling customer funds, misleading investors and regulators, and breaking securities rules.

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Article Details

Author / Journalist: Bloomberg

Category: Technology

Markets: Hong KongSingapore

Topics: Teng Compliance Zhao Richard Cryptocurrency Agencies Executive Year Binance Chief Exchange

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-22 @ 15:06:56 (2 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 572 words

Reading Time: 4 minutes read

Sentences: 26 lines

Sentence Length: 22 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 22204394

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