The chief strategy officer of Binance reportedly stated that the crypto exchange anticipates settling with US authorities by paying fines to resolve past conduct that is under regulatory and law enforcement investigations. The executive elaborated that Binance was not aware of the regulations it needed to comply with in the US when it started its operations.
According to reports, Binance is under investigation by several US authorities, including the DOJ for potential breaches of US money laundering regulations. Additionally, the SEC is looking into the company’s BNB cryptocurrency token, while the CFTC is investigating whether Binance provided cryptocurrency derivatives to US customers without proper registration.
The Binance executive commented that the crypto exchange is presently collaborating with regulators to recognize potential “remediations” that the company must undertake “to make amends” for its prior conduct. He anticipates that the resolution will involve a fine but warned that there could be additional consequences. “We cannot determine that. It is up to the regulators to determine,” he emphasized.
Reportedly, Binance is under investigation by various US authorities. The Department of Justice (DOJ) is allegedly investigating the crypto exchange for contraventions of US money laundering regulations. Additionally, the Securities and Exchange Commission (SEC) is said to be investigating the company for its BNB crypto token, while the Commodity Futures Trading Commission (CFTC) is looking into whether Binance provided cryptocurrency derivatives to US customers without registration.
