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- Binance to pay monetary penalties to amend regulatory violations.
- The company was unaware of various laws pertaining to money laundering.
- Investigation might lead to the imposition of a fine.
According to a recent report, Binance, the biggest cryptocurrency trading platform, expects to pay monetary penalties to settle ongoing regulatory and law-enforcement investigations into its company in the United States.
Binance’s Chief Strategy Officer, Patrick Hillmann, stated in an interview with the Wall Street Journal (WSJ) that the company has experienced rapid growth since its inception and that the company was unaware of the various laws pertaining to money laundering, sanctions evasion, and corruption.
Binance has reportedly been under investigation by the US Attorney’s Office for the Western District of Washington since 2018, according to Reuters. With the demise of FTX, Binance’s main competitor, there has been a lot more attention focused on the cryptocurrency exchange.
Reuters reported in December that federal officials were still debating whether or not to settle with Binance and determining whether or not the information they had gathered was sufficient to press charges against the exchange and numerous individuals, including CEO Changpeng “CZ” Zhao.
In an interview with the WSJ, Hillman speculated that the investigation might lead to the imposition of “definitely a fine or potentially more than a fine.” “No one is able to reveal anything to us.” The decision ought to be made by the competent authorities that are in charge of the investigation.
In related news, the Securities and Exchange Commission (SEC) recently ordered Binance and Paxos Trust Company to cease the creation of the stablecoin known as Binance USD (BUSD), which the two companies had been working on together.
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