news.bitcoin.com
Binance expands its compliance team to meet the growing needs of the crypto industry and its user base.
Compliance Remains Vital for Binance
By the end of the year, Binance, one of the world’s largest cryptocurrency exchanges, plans to have 645 full-time compliance staff members—a 34% increase from November 2023—as it continues to expand its compliance division. The cryptocurrency exchange employs over 1,000 compliance-focused staff members, including contractors.
Furthermore, the company has almost achieved its 2024 target for its Risk team with 137 of the 138 employees already on board. This was contained in a blog on Friday, where Binance restated its commitment to responsible growth and strong regulatory compliance, seeing it as a key component of protecting its users and the wider ecosystem.
Noah Perlman, Chief Compliance Officer at Binance shared that Binance’s compliance efforts have changed over time, noting:
We recently achieved our 20th global regulatory milestone, which is a testament to our efforts and commitment to working with regulators and industry partners and ensuring sustainable growth of the crypto industry. These efforts are supported by our robust compliance program that is comparable to financial institutions, and our leading team of digital-asset crime fighters who are keeping the ecosystem safe and ensuring that Binance remains a trusted and secure platform for all of our users.
Several of Binance’s latest compliance hires have extensive government and traditional banking backgrounds.
Todd McElduff, who was previously in charge of PayPal’s global financial crimes supervision division is Binance’s new enterprise compliance director and will be in charge of the exchange’s interactions with international law enforcement. Lana Sinelnikova who recently joined as Director of Enterprise Wide Risk Assessment (EWRA) and Business Compliance leads the creation of compliance risk plans at the local and international levels.
Further hires include two special investigations experts, Caner Akyürek from Turkey and Céline Inial from France with approximately 20 years of experience in their respective nations’ law enforcement.
The end goal for Binance through these hires is to meet the demands of the rapidly growing crypto sector through industry-standard compliance and protection for its growing global user base of over 240 million.