Binance expects to pay fines to U.S. authorities to settle regulatory and law-enforcement investigations over its past conduct. crypto cryptocurrency
Crypto exchange Binance expects to pay fines to U.S. authorities to settle regulatory and law-enforcement investigations over its past conduct, the company’s chief strategy officer reportedly said. When Binance began its business, the company was unfamiliar with the rules it needed to comply with in the U.S., the executive explained.Binance’s chief strategy officer, Patrick Hillmann, revealed Wednesday that the cryptocurrency exchange expects to pay fines to settle existing U.S.
He explained that in its early days, Binance was unfamiliar with the legal framework and regulations in the U.S. to mitigate the risk of bribery and corruption, money laundering, and economic sanctions. The Binance executive stated that the crypto exchange is currently working with regulators to identify potential “remediations” the company has to go through “to make amends” for its past conduct. He expects the outcome to be a fine but cautioned that there could be more. “We just don’t know. That is for regulators to decide,” he emphasized.
Several U.S. authorities are reportedly investigating Binance. The U.S. Department of Justice is reportedly probing the crypto exchange over
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