Binance is making significant moves to strengthen its compliance efforts amid increasing regulatory scrutiny. The cryptocurrency exchange has announced plans to hire 1,000 new employees by the end of 2024, with a substantial portion of these roles focused on compliance. This expansion comes as Binance's annual spending on compliance exceeds $200 million. CEO Richard Teng emphasized that the company has been profitable since its fifth month of operation and is committed to maintaining strong relationships with global regulators. Teng also stated that Binance is not considering an initial public offering (IPO), instead opting for a long-term vision aimed at ensuring the exchange's prosperity over the next 50 to 100 years. The company is currently facing an $86 million tax demand in India, which highlights the ongoing challenges in the regulatory landscape for cryptocurrency exchanges.