Binance is ready to pay fines to reconcile with US authorities

The world’s leading cryptocurrency exchange Binance said it would accept fines to resolve investigations being carried out by US authorities.

Binance is willing to pay fines to reconcile with US authorities. Photo: CoinDesk

Answer the interview Wall Street JournalBinance’s Chief Strategy Officer Patrick Hillmann said the cryptocurrency exchange is willing to pay fines to mediate investigations being carried out by various US federal agencies against the exchange.

The Chief Strategy Officer stated that Binance has grown so rapidly that it is impossible to fully understand the US regulations and laws on preventing bribery, corruption, money laundering and economic sanctions. The company has tried to overcome the shortcomings of legal compliance in the past time, but that is still not enough.

Mr. Hillmann said:

“Binance is working with regulators to determine what compensation measures should be taken. The result could be a fine, but it’s not clear. Regulators will decide this.”

However, Mr. Hillmann is confident that the possibility of reconciliation with the US government is high, and that “it will be a great moment for our company to be able to leave all this behind”.

Binance is being targeted by many US federal agencies for investigation, including:

– The US Department of Justice accused the exchange of violating anti-money laundering regulations;

– The Asset Futures Trading Commission (CFTC) accused the exchange of providing crypto derivatives trading services to US users without having registered with them.

In addition, the US Securities and Exchange Commission (SEC) is accusing BUSD, the Binance-branded stablecoin, of being a security and wants to sue the company that issued it, Paxos. Paxos this week was also ordered by the New York Department of Financial Services (NYDFS) to stop issuing new BUSD.

Last week, US crypto exchange Kraken accepted a $30 million fine to settle with the SEC after the securities regulator accused the staking service offered by the exchange as a form of similar profitability. stock. In addition to paying the fine, Kraken also had to stop providing staking services in exchange for the SEC not continuing to investigate the case.

The SEC’s stance has been met with fierce opposition from the crypto community, notably the largest Coinbase exchange in the US.

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