On November 22, COINOTAG News reported that Binance is set to enhance its compliance infrastructure significantly, aiming to expand its compliance workforce to 645 employees by year-end. This represents a strategic growth initiative, as the team will experience a 34% increase from November 2023 through the end of 2024. Currently, Binance employs over 1,000 compliance professionals, including contractors.
Todd McElduff, who joined Binance as the Chief Compliance Officer earlier this year, is instrumental in this expansion. His expertise spans two decades in compliance, with a specialization in financial crime within both traditional finance and the fintech landscape. Under McElduff’s leadership, the Corporate Compliance team will enhance collaborations with law enforcement, manage requests, and conduct in-depth investigations. The team’s mandate also encompasses crucial tasks, such as trade surveillance, adherence to market regulations, and compliance with sanctions.