Crypto exchange Binance has announced that it will increase members of its compliance team by 34%. According to the exchange, the move is to ensure the platform is safe while increasing regulatory efforts. The development also means the company’s compliance office will add 645 staff.
The company clarified its commitment to follow guidelines, noting that the move to increase the team was agreed upon with authorities. Binance said it had implemented new compliance measures on its platform, taking spending up by 36% since 2023.
Binance adds key members to its compliance team
Binance, to achieve its aim in the compliance process, has added key professionals from related fields. One major headline appointment is Todd McElduff, who will now assume the position of Enterprise Compliance Director. McElduff boasts a wide range of experience in the compliance department, having worked with Morgan Stanley and PayPal.
Another important hire is Lana Sinelnikova, who joins the firm as its new Director of Business Compliance and Business-Wide Risk Assessment. Before this appointment, she had worked at crypto firms Revolut and Kraken.
Binance has also vowed to bolster its regional expertise, hoping it will help with investigations and audits. To this effect, the company has appointed Celine Inial to oversee its cybercrime investigations in France. Meanwhile, it appointed former Senior Police Official in Turkey Caner Akyurek to oversee investigations in Turkey. The firm also hired Pauline Chan to oversee regulatory audits and exams.
Mission to enhance regulatory compliance
Binance has been on a mission to enhance regulatory compliance for quite a while. The company appointed Tigran Gambaryan in 2021 to its financial crime compliance department. Before the hire, Gambaryan was with the IRS. In 2023, it hired Noah Perlman as its new compliance officer. In the same year, the exchange spending on compliance went up by 36%.
Last year, Binance was caught in a compliance web, leading the company to pay $4.3 million in fines to US regulators. The company was accused of breaking the Bank Secrecy Act by providing access to sanctioned individuals and entities to carry out activities on its platform. Although investigations revealed that the act was carried out on behalf of its former CEO Changpeng Zhao.
After Zhao left his position as CEO, Richard Teng replaced him. Before the job, Teng worked as a regulator in the UAE and Singapore. Since Teng became CEO, the company has been more open to compliance, a move that it confirmed was in motion before Zhao left in 2023.
Teng, since assuming his role as CEO, has been trying to steer the company away from regulatory and compliance issues. The company, through its Chief Compliance Officer Noah Perlman, also discussed the importance of working with regulators.