Binance, the world’s largest crypto exchange, is looking to resolve outstanding investigations with US regulators. cryptocoin.com We have compiled Binance’s investigation details for you.
Binance prepares for investigations
Binance, the world’s largest digital asset exchange, is preparing to face fines for concluding its extraordinary regulatory and law enforcement investigations in the US. According to the February 15 WSJ report quoting Patrick Hillmann, the firm’s chief strategy officer, Binance is working with regulators to fix past compliance issues.
Hillmann noted that Binance is “working with regulators to find out what solutions we need to go through now to fix this.” He added that the result of ongoing investigations will likely be fines, but could be more, adding that “regulators have to decide that.”
Binance has been subject to several investigations in the US, including the one launched in 2018 by the Department of Justice for possible violations of anti-money laundering laws. In March 2021, the Commodity Futures Trading Commission also investigated whether the company offered crypto derivatives to US customers without registering with the agency.
The SEC launched an investigation.
The Securities and Exchange Commission also launched an investigation into Binance’s US division last February for trading firms affiliated with CEO Changpeng Zhao.
Hillmann added that Binance is “extremely confident and feeling really good about where these discussions are going,” but cannot put a figure on the size of the fines or a timeline for them to be resolved with US regulators.
He said the lack of clarity for crypto in America has made it a ‘very confusing time for us’. The SEC recently stepped up what it calls the ‘war on crypto’, which appears to target certain staking services and stablecoins that industry watchers consider falling under securities laws. Referring to the recent sanctions activity, the Binance executive said it would “have a really deep and long-lasting deterrent effect in the US.”
Earlier this week, New York regulators put pressure on Paxos, preventing it from issuing more than Binance-branded stablecoin BUSD. Last week, US crypto exchange Kraken was fined $30 million and ordered to cease staking services following SEC sanctions action. Patrick Hillmann concluded that resolving issues with US regulators would be good for the firm and its future. Finally, he added:
“It will be a good moment for our company because it allows us to put everything behind us.”
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