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Home News Latest News

Binance Prepares for Settlement With US Regulators Over Ongoing Regulatory and Law Enforcement Investigations

16 February 2023
in Latest News, News
Reading Time: 3 mins read
102 6
Binance Prepares for Settlement With US Regulators Over Ongoing Regulatory and Law Enforcement Investigations

image source: news.bitcoin.com

Binance, the world’s largest cryptocurrency exchange, is getting ready to pay fines and penalties to resolve pending regulatory and law enforcement probes into its operations in the United States. 

Patrick Hillmann, Binance’s Chief Strategy Officer, stated that the company has been cooperating with regulators to address initial compliance difficulties. He mentioned that Binance is currently working with authorities to identify necessary corrective actions that need to be taken immediately. Hillmann also acknowledged that ongoing investigations might result in additional fines, which regulators will ultimately decide.

image source: pixabay.com

In December 2022, Reuters reported that prosecutors at the U.S. Department of Justice (DOJ) were debating whether it was time to wrap up their investigation into Binance, which had been under scrutiny since 2018 for possible violations of American anti-money laundering laws and criminal sanctions. Binance had publicly contested the Reuters report, claiming that it was “wrong again” and alleging that Reuters was “attacking” their law enforcement team.

Also, in March 2021, the U.S, Commodity Futures Trading Commission investigated the company to see if it had ever issued cryptocurrency derivatives to customers in the United States without registering with the organization.

The extent of the penalty or a timeline for resolution with U.S. regulators could not be determined. However, Hillmann highlighted that Binance was confident and felt good about the direction those negotiations were going. He claimed that a proper understanding of cryptocurrency in America was lacking, and it is a “very confusing time.”

While describing his company’s relationship with the regulator, Hillman stated:

“It will be a good moment for our company because it allows us to put it behind us.”

This news comes after the New York Department of Financial Services ordered Paxos, a blockchain firm, to cease issuing the Binance USD (BUSD), a stablecoin pegged to the U.S. dollar. The US SEC has also informed Paxos of its  intent to take legal action against the company over the stablecoin issuance.

 

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Favour Udeo

Favour Udeo

Favour is a writer, who is interested in blockchain, DeFi, and Web3 in general. She finds machine learning and emerging technologies interesting.

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