PANews reported on November 22 that according to CoinDesk, the crypto exchange Binance said that with the rapid construction of its compliance department, it is expected to have 645 full-time compliance employees by the end of this year, an increase of 34% from November last year. According to a press release issued by Binance on Friday, including contractors, the cryptocurrency exchange has more than 1,000 employees focusing on compliance work.

“Our industry has entered a new phase of paradigm shift and maturity, where regulatory compliance has become an essential standard for user experience and protection, business success, and sustainable growth,” said Noah Perlman, Chief Compliance Officer at Binance. “Binance has grown alongside regulators and other participants over the years, and the continued growth of our compliance team and program is a testament to this and to this phase of our industry that is destined for strong and sustainable growth.”

Binance's recent compliance hires include some long-time professionals in traditional finance and government. Binance's new corporate compliance director, Todd McElduff, will oversee the exchange's relationship with global law enforcement agencies, having previously led PayPal's global financial crime oversight department. Prior to that, he was head of Morgan Stanley's financial crime unit. Binance also hired two special investigation experts, Céline Inial of France and Caner Akyürek of Turkey, both of whom previously worked in law enforcement in their respective countries for nearly 20 years.