Despite doubts about the platform raised by the New York State Attorney General on Tuesday, Binance are looking to increase their team in both Europe and Asia. The wildly successful cryptocurrency exchange is seeking new staff for jobs in both Singapore and its new home of Malta.
Binance Expanding Whilst Shrugging off Regulatory Concerns
Over the last year and a bit, Binance has become one of the largest digital currency exchange platforms on the planet. The now Malta-based company is seeking new employees in both Singapore and for its new European headquarters. At present, Binance employs around 300 people in a total of 39 different nations.
Wei Zhou, the platform’s chief financial officer, was interviewed for Bloomberg about the plans for expansion:
“Our goal right now is to continue to grow the ecosystem, not just for cryptocurrency, but for the blockchain industry as well… The next area of growth, in addition to the crypto-exchange, is the move into fiat.”
Zhou went on to state that there are plans in the works to let users swap cryptocurrencies with additional fiat currencies in the coming months. Users in Uganda and Lichtenstein can already make use of such features, but each new jurisdiction requires a different approach to get round existing or pending regulations. According to Zhou, tests are starting this week aiming to provide the service to Singapore.
Along with the plans for the platform’s expansion, Zhou also commented on the process by which Binance chooses which digital assets to support. The CFO maintained that Binance is very selective about the coins and tokens it offers trading pairs for:
“I think it’s harder to get into Binance than it is to get to Harvard and Stanford. It’s like less than 2 to 3 percent acceptance rate in terms of tokens we’re looking at.”
The announcement that Binance is looking to hire comes just days after the exchange platform came under fire from the New York State Attorney General, Barbara Underwood. Binance, along with Kraken and Gate.io, was referred to the New York Department of Financial Services over potential violations of digital currency rules.
The attorney general’s referral of the platforms for additional scrutiny comes in response to an inquiry launched in April this year into 13 major digital currency trading venues. They were asked to reveal details of their operations, including: internal controls, and protection against manipulation and fraud. According to the report in Bloomberg, a Binance spokesperson declined to comment on the regulatory development.
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