- Binance’s compliance budget is now $213 million, up from $158 million last year.
- The surge mirrors efforts to fortify its regulatory standing amid mounting scrutiny.
- Binance is bringing back Steve Christie, its deputy chief compliance officer.
Leading crypto exchange Binance has increased its compliance budget, allocating a staggering $213 million, up from $158 million in the previous year. This development was captured in a recent publication on Fortune, as spotlighted by renowned Chinese reporter Colin Wu.
Binance says it’s increased year-over-year spending on compliance from $158 million to $213 million, purchasing a raft of new software systems to block and report suspicious transactions. The increased outlay also reflects personnel costs, including Binance’s decision to bring…— Wu Blockchain (@WuBlockchain) February 3, 2024
Notably, the surge in Binance’s compliance budget from $158 million to $213 million reflects an approximately 35% increase in spending. The surge mirrors the exchange’s concerted efforts to fortify its regulatory standing amid mounting scrutiny from the U.S.
CEO Richard Teng emphasized the company’s commitment to fos…
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