Bloomberg: Binance Plans to Hire 1,000 Employees by the End of the Year

Binance CEO Richard Teng, who replaced Changpeng Zhao (CZ) nine months ago, gave an interview to Bloomberg. The head of the company spoke about the current state of the crypto exchange and work with regulators, and also shared plans for the future.

Richard Teng told reporters that Binance plans to hire another 1,000 employees this year. Many of them will take up positions related to regulatory compliance.

According to the platform's CEO, this approach is due to the exchange's growing costs of complying with regulatory rules.

It is noteworthy that the new Binance CEO has extensive experience in this area. Previously, Richard Teng served as a senior regulator at the Monetary Authority of Singapore, and also headed the Financial Services Regulatory Authority in Abu Dhabi.

In addition, in November 2023, the exchange entered into a deal with the US authorities and agreed to pay a fine of $4.3 billion. The court approved this agreement in February 2024.