Since taking on the role of CEO, Teng has been instrumental in accelerating Binance’s compliance efforts. However, it is important to note that the exchange had already started making strides towards regulatory compliance even before Zhao’s departure in November 2023.
One key addition to Binance’s compliance team was Tigran Gambaryan, who joined as the head of financial crime compliance in 2021 after leaving the Internal Revenue Service (IRS). Another crucial hire was Noah Perlman, who took on the role of chief compliance officer in January 2023.
Furthermore, in 2023, Binance demonstrated its commitment to compliance by increasing its compliance spend by an impressive 36%. These investments in compliance infrastructure and personnel are a clear indication of Binance’s dedication to meeting regulatory requirements and ensuring a secure trading environment for its users.
It is evident that under Teng’s leadership, Binance has made significant strides in enhancing its compliance efforts and positioning itself as a trusted and responsible player in the cryptocurrency market.
