Binance, the crypto exchange, is expected to cough up some cash in order to comply with U.S. regulations and settle investigations into its past conduct – so said the firm’s Chief Strategy Officer. Apparently, when Binance first kicked off its operations, the company wasn’t exactly clued up about the U.S. laws it needed to adhere to. Good thing they took a shortcut to atonement!
JUST IN: #Binance is preparing to pay potential fines & penalties from US regulators.
— DustyBC Crypto (@TheDustyBC) February 16, 2023
Binance Settling Up!
Binance’s chief strategy officer, Patrick Hillmann said on Wednesday that compensation is anticipated from the cryptocurrency exchange, in order to settle some US regulatory and law-enforcement investigations. He highlighted that during its initial stages, the exchange was unaware of the legalities and regulations that prevent behaviors such as money laundering and bribery.
The executive added that Binance is working hand-in-hand with the regulatory powers that be to identify potential “amends” to rectify their past misdeeds.
U.S. Authorities Pumping up the Pressure on Binance
U.S. authorities appear to be giving Binance the third degree! As reports are claiming that the Department of Justice is snooping around to investigate whether the crypto exchange is violating U.S. money-laundering laws. Not to mention the Securities and Exchange Commission is probing the company over their BNB crypto token and the Commodity Futures Trading Commission is looking into whether they offered crypto derivatives to U.S. clients without registration.
Although the exact size of fines or when Binance can conclude a settlement with U.S. officials is uncertain, the Chief Strategy Officer of the exchange can’t help but feel good and is highly confident in the way those talks are going. Sadly, Binance is not available to U.S. users at this time; though, we can always rely on Binance US, a BAM Trading Services branch, to provide an alternative for U.S. crypto traders!
