Binance plans to pay fines and fix compliance issues, hoping to close all ongoing investigations initiated in the U.S.
Binance is working with U.S. regulators and law enforcement agencies to fix existing compliance issues. The Wall Street Journal reported this, citing Patrick Hillmann, Binance Chief Strategy Officer. According to the publication, the crypto exchange’s representatives plan to settle all ongoing U.S. investigations and are willing to pay the fines that are likely to occur.
Specifically, since 2018, the Department of Justice, the Commodity Futures Trading Commission (CFTC), and the Securities and Exchange Commission (SEC) have initiated investigations against Binance. Claims from the regulators concerned compliance with anti-money laundering laws, as well as the legality of derivatives trading and securities transactions.
Hillmann said the timeline for resolving the current issues with U.S. regulators and their terms couldn’t be named yet, but Binance is “highly confident” of a positive outcome.
“It will be a good moment for our company because it allows us to put it behind us,” Patrick Hillmann commented on the situation.
He also noted the lack of clarity about cryptocurrency in the U.S., which made the current situation confusing. It should be noted that members of the blockchain industry in the U.S., the crypto community, and even policymakers hold similar views, calling on Congress to develop clear crypto market regulations.
