Asia Tech Wire (Aug 23) -- Cryptocurrency exchange Binance plans to hire 1,000 employees this year, according to Bloomberg, with many of the positions focusing on compliance.

The planned hiring also includes positions in customer service.

Richard Teng, CEO of Binance, revealed the hiring goals in an interview on Wednesday.

The move comes in response to increased regulatory requirements, especially after Binance's annual compliance spending has exceeded $200 million following a plea deal with the U.S. Department of Justice.

Teng said Binance plans to expand its compliance team to 700 people by the end of 2024, from about 500 now, while continuing to pursue a global headquarters.

He also mentioned that the company is facing an increasing number of requests from law enforcement agencies around the world, having dealt with 63,000 this year, up from 58,000 last year.

A Binance spokesperson said two months ago that the company employs more than 5,000 people.