Arab Press

بالشعب و للشعب
Friday, Aug 29, 2025

Crypto exchange Binance to double compliance staff as regulators circle

Crypto exchange Binance to double compliance staff as regulators circle

Cryptocurrency exchange Binance plans on doubling its compliance team by year’s and said it will “humbly welcome more capable talents” as it faces a blizzard of global regulatory probes.
Authorities in Britain, Japan, Germany and Thailand have raised concerns about the exchange, one of the largest, amid a worldwide crackdown on cryptocurrencies this year.

Binance offers spot crypto trading, derivatives, trade in tokenised versions of stocks and its own cryptocurrency, Binance Coin. It also has an opaque structure and has rapidly grown into a giant as the popularity of cryptocurrency trading has exploded.

“Binance has grown very quickly and we haven’t always got everything exactly right,” chief executive Changpeng Zhao said in a letter posted on the company website.

The letter is the company’s most fulsome response to the flurry of regulatory attention that has come while monthly trading volumes over the exchange have soared to more than $660 billion in June, according to data from CryptoCompare.

Around the world regulators are worried about criminals using cryptocurrencies as a conduit for money laundering and about investors falling victim to scams in the red-hot sector.

Britain’s financial watchdog last month barred Binance from carrying out regulated activities in the country. Japan’s regulator has said Binance was operating there illegally and Germany’s watchdog has warned it risked fines for offering tokens connected to stocks.

Zhao made no reference to any such probe but said scrutiny of the mostly unregulated industry showed it was “maturing”.

“The adoption and development of crypto has many parallels with that of the car,” Zhao wrote.

“When the car was first invented, there weren’t any traffic laws, traffic lights or even safety belts. Laws and guidelines were developed along the way,” he said. “Crypto is similar.”

Zhao said Binance’s international compliance team and advisory board had grown “by 500% since last year” and planned to double by the end of 2021, without giving figures for intended hires.

Bloomberg has previously reported Binance is also under investigation by the U.S. Justice Department and Internal Revenue Service (IRS). Zhao made no reference to that but said Binance works with law enforcement agencies such as the IRS and had so far “completed assisting 5,600 investigation requests” globally this year, already double the amount from 2020.

“Our vision is to increase freedom and inclusion for a better human society,” Zhao wrote. “We humbly welcome more capable talents and experienced advisers to join us to build better.”
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
After the Shock of Defeat, Iranians Yearn for Change
YouTube Altered Content by Artificial Intelligence – Without Permission
Iran Faces Escalating Water Crisis as Protests Spread
More Than Half a Million Evacuated as Typhoon Kajiki Heads for Vietnam
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Trump Backs Putin’s Land-for-Peace Proposal Amid Kyiv’s Rejection
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
United States Sells Luxury Yacht Amadea, Valued at Approximately $325 Million, in First Sale of a Seized Russian Yacht Since the Invasion of Ukraine
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
×