Posted 2/2/2024, 6:30:00 PM
Binance Boosts Compliance Budget 35% to $213 Million Amid Legal Settlements, Former CEO Faces Prison
- Binance has increased its compliance budget by 35% year-over-year, now totaling $213 million
- The budget funds new software, personnel like the returned executive Steve Christie, and overall compliance culture
- Binance settled with U.S. authorities, agreeing to $4 billion in fines and a court-appointed monitor to uphold terms
- Former CEO Zhao pled guilty to charges and likely faces 18 months in prison, with sentencing this month
- Despite legal issues, Binance saw $3.5 billion in new funds in January as crypto rebounds, now with $80 billion in assets