Binance, the largest cryptocurrency exchange in the world, announced an increase in its compliance workforce, reaching an anticipated total of 645 full-time compliance employees by year-end, a notable 34% growth compared to last November. This development is part of Binance's extensive effort to enhance its compliance department.

Currently, including contractors, Binance employs over 1,000 compliance professionals. This significant shift towards adherence to regulatory requirements follows a recent $4.3 billion settlement with U.S. regulators due to violations of the Bank Secrecy Act and allowing users to bypass international sanctions.

Following the departure of previous CEO Changpeng "CZ" Zhao, Richard Teng has taken charge, emphasizing Binance's need to comply with regulations to ensure long-term sustainability. The exchange's compliance initiatives began even before Zhao’s exit, marked by strategic hires from traditional finance and governance sectors.

"Our industry has entered a paradigm shift," remarked Noah Perlman, Binance’s Chief Compliance Officer, indicating that regulatory compliance is now crucial for business success and user protection. As Binance continues to broaden its regulatory footprint, the hiring of experienced compliance professionals remains a priority.