While the US regulators opened several surveys on Binancethe number 1 of crypto exchange expects sanctions.
In a recent interview with Wall Street JournalBinance’s Chief Strategy Officer, Patrick Hillmansaid the platform is preparing to payer one or more fines for his past conduct.
Binance grew rapidly and started out as a company run by software engineers who didn’t know the laws to deal with the risk of bribery, corruption, money laundering, and economic sanctions. The company worked to close the gaps in its early compliance efforts, but still expects regulators to issue fines,” he said.
Hillmann clarified that Binance was currently cooperating with the authorities and that the sanction could be more severe than a simple fine. ” Probably a fine, maybe more… We just don’t know. It is up to the regulators to decide,” he said, while remaining confident.
This week, the New York Department of Financial Services forced PaxosBinance’s stablecoin partner BUSD, to stop issuing new tokens. The capitalization of the token, which still reached $16 billion on Monday, has since melted to $14 billion.
In December, Reuters reported that a lengthy US legal investigation threatened Binance and its leaders to whitening. THE investigations around the largest exchange on the planet have further intensified since the fall of rival FTX.
Earlier this month, Krakenanother competing exchange, was fined $30 million for failing to register its staking offering with the SEC.
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