Binance is preparing to face fines and penalties from US authorities
Binance, the biggest exchange for digital assets in the world, is getting ready to pay fines and penalties to resolve pending regulatory and law enforcement investigations in the US.
Patrick Hillmann, the company’s chief strategy officer, was quoted in a WSJ article from the 15th of February as saying that Binance has been collaborating with regulators to address previous compliance difficulties.
Binance is “working with regulators to figure out what are the remediations we have to go through now to make up for that,” according to Hillmann. He continued, saying “it is up to regulators to determine,” that the conclusion of ongoing investigations will probably be fines, but they “may be more.” In the United States, Binance has been the focus of numerous investigations, including one that the Department of Justice launched in 2018 to look into possible anti-money-laundering legislation violations.
The Commodity Futures Trading Commission looked into whether the business sold cryptocurrency futures to American clients without first registering with the organization in March 2021. In February of last year, the Securities and Exchange Commission opened an investigation into Binance’s U.S. subsidiary over trading entities linked to CEO Changpeng Zhao.
The SEC has recently intensified what some in the industry refer to as a “war on crypto,” which appears to target specific stablecoins and staking services that it has determined to be subject to securities regulations.
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