Binance CEO Richard Teng says Binance is heavily focused on one key area when it comes to its new hires.

Have a guess.

If you said 'compliance', then that's the correct answer.

According to Teng, over 20 percent of Binance's new hires are in the compliance department.

This is hardly surprising.

In the coming months and years, crypto firms will have to spend a significant amount of cash, energy and time focusing on compliance.

This is because institutions, including governments, will spend the next few months and years fighting crypto, before (eventually) realising they can't beat it, so they'll join.

But both the fighting part and the joining part will require bureaucrats and/or bureaucratically-inclined people that work in the boring, dull, horrific sector known as compliance.

But unfortunately, apparently, it's a necessary evil.

And two more things worth pointing out.

Binance is currently employing around 500 people working in compliance, and aims to hire at least 200 more by the end of the year.

This brings us on to the second thing, Binance is reportedly spending a whopping $200 million a year (!) in compliance costs.

So it's a necessary evil, and an expensive one at that.