Crypto exchange Binance expects to pay penalties to settle with U.S. investigators who are looking into its business.
In a Wednesday report from The Wall Street Journal, Binance’s chief strategy officer Patrick Hillmann said the exchange would likely pay to settle probes from regulators. Notably, the Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC) are reportedly investigating the exchange.
Hillmann also said that Binance’s executives were unfamiliar with the laws around money laundering, bribing and corruption. He said that the exchange was “working with regulators” to figure out the remediations that it has to go through now to “make amends for that.”
Although Hillmann expects to settle with lawmakers, he said he could not say what the size of these fines is likely to be or when a settlement is likely to be reached.
“It will be a good moment for our company because it allows us to put it behind us,” he said.
News of a probe into the world’s largest crypto exchange was first reported by Reuters in December. At the time, Binance refuted any claims of an investigation, saying that its team was working hand in glove with law enforcement to support casework on ransomware and money laundering attacks.
Reuters has it wrong again.
Now they’re attacking our incredible law enforcement team. A team that we’re incredibly proud of – they’ve made crypto more secure for all of us.
Here’s the full statement we sent the reporter and a blog about our remarkable law enforcement team.
— Binance (@binance) December 12, 2022
Earlier this week, the U.S. Securities and Exchange Commission (SEC) said it planned to sue Binance’s BUSD stablecoin issuer Paxos for violating investor protection laws. Paxos was ordered by the New York State Department of Financial Services (NYDFS) to stop minting BUSD on the same day.
The lawsuit propelled investors to withdraw a significant amount of crypto held on Binance, with the exchange recording around $800 million worth of outflows in a single day.
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- Source: https://unchainedpodcast.com/binance-to-pay-monetary-penalties-to-resolve-us-probe-report/
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