Bitcoin News and Finance
Binance Expects to Pay Fines to Settle With US Regulators for Past Conduct: Report Skip to main content

Binance Expects to Pay Fines to Settle With US Regulators for Past Conduct: Report

Crypto Exchange Binance Expects to Pay Fines to Settle With US Regulators Over Past Conduct

Crypto exchange Binance expects to pay fines to U.S. authorities to settle regulatory and law-enforcement investigations over its past conduct, the company’s chief strategy officer reportedly said. When Binance began its business, the company was unfamiliar with the rules it needed to comply with in the U.S., the executive explained.

Binance Plans to Settle With US Regulators

Binance’s chief strategy officer, Patrick Hillmann, revealed Wednesday that the cryptocurrency exchange expects to pay fines to settle existing U.S. regulatory and law-enforcement investigations, the Wall Street Journal reported.

He explained that in its early days, Binance was unfamiliar with the legal framework and regulations in the U.S. to mitigate the risk of bribery and corruption, money laundering, and economic sanctions.

The Binance executive stated that the crypto exchange is currently working with regulators to identify potential “remediations” the company has to go through “to make amends” for its past conduct. He expects the outcome to be a fine but cautioned that there could be more. “We just don’t know. That is for regulators to decide,” he emphasized.

Several U.S. authorities are reportedly investigating Binance. The U.S. Department of Justice (DOJ) is reportedly probing the crypto exchange over violations of U.S. money-laundering laws. According to reports, the U.S. Securities and Exchange Commission (SEC) is probing the company over the BNB crypto token while the Commodity Futures Trading Commission (CFTC) is investigating whether Binance offered cryptocurrency derivatives to U.S. clients without registration.

While noting that he could not estimate the size of the fines or when Binance might reach a resolution with U.S. authorities, the Binance chief strategy officer said his company is “highly confident and feeling really good about where those discussions are going.” He opined:

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

Hillmann noted that it was a “very confusing time” for Binance to understand the expectations of U.S. regulators and their oversight of the crypto sector. Binance is currently not available to U.S. investors. However, the crypto exchange has a partner platform that serves U.S. crypto traders called Binance US, a separate entity operated by BAM Trading Services.

Recently, the SEC has taken action against several crypto companies, including Kraken over its staking program, Paxos over its stablecoin Binance USD (BUSD) issuance, and Terraform Labs for defrauding investors.

What do you think about Binance expecting to pay fines to settle U.S. regulatory and law-enforcement investigations? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory