Binance, the world’s largest cryptocurrency exchange, expects to pay monetary penalties to settle existing U.S. regulatory and law-enforcement investigations of its business, the firm’s chief strategy officer said in an interview.
Binance grew quickly and began as a business powered by software engineers unfamiliar with laws and rules written to address the risk of bribery and corruption, money laundering, and economic sanctions, Patrick Hillmann said.
The company has been working to fill gaps in its early compliance efforts, he said, but still expects regulators will impose fines for past conduct.The company is “working with regulators to figure out what are the remediations we have to go through now to make amends for that,” Mr. Hillmann said Wednesday. The outcome will be “likely a fine, could be more.…We just don’t know. That is for regulators to decide.”
Source: Crypto Giant Binance Expects to Pay Penalties to Resolve U.S. Investigations – WSJ