According to The Wall Street Journal, US regulators Binance’s The world’s largest cryptocurrency exchange is preparing to pay fines to make up for past regulatory violations.
Cryptocurrency Exchange Binance Prepares to Take Fines from US Regulators to Make Up for ‘Mistakes of the Past’
Binance Chief Strategy Officer Patrick Hillmann told The Journal on Wednesday that the stock market is growing rapidly and was initially unaware of the myriad laws and regulations designed to prevent money laundering, sanctions avoidance and corruption.
As such, Hillman said Binance expects to face fines, adding that “[geçmiş ihlalleri] “We’re working with regulators to figure out what fixes we need to go through now to make up for it.”
According to Reuters, Binance has been under investigation by the US Attorney’s Office for the Western District of Washington since at least 2018, although regulatory scrutiny on Binance has intensified following the collapse of rival FTX last November.
The Department of Justice (DOJ) has reportedly sent subpoenas to at least two trading firms in recent months, requesting records of their past transactions with Binance US.
Reuters reported in December that federal officials are continuing to discuss a possible settlement with Binance and are assessing whether the evidence they have already gathered is sufficient to bring charges against the exchange and several others, including CEO Changpeng ‘CZ’ Zhao.
The result of the investigation could possibly be a fine, maybe more… We just don’t know, Hillman said in an interview. Regulators will decide that.”
Hillman declined to estimate the size of the fines or a timeline for when the investigation would conclude.
However, he added that he was “very confident about where these discussions are going and feels really good.”
“This will be a good moment for our company because it will allow us to put this incident behind us,” Hillman said.
*Not investment advice.
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