Binance prepares to pay fines in the U.S.

While the American regulators have opened several investigations on Binancethe number 1 from exchange of cryptos expects sanctions.

In a recent interview with the Wall Street JournalBinance’s chief strategy officer, Patrick Hillmannsaid that the platform was preparing for pay one or more fines for his past conduct.

Binance grew rapidly and started as a company run by software engineers who were unfamiliar with the laws to deal with the risk of bribery, corruption, money laundering and economic sanctions. The company has worked to close the gaps in its early compliance efforts, but still expects regulators to impose fines,” he said.

Hillmann noted. Binance was currently cooperating with the authorities and that the penalty could be more severe than a simple fine. ” Probably a fine, maybe more… We just don’t know. That’s for the regulators to decide,” he said, while remaining confident.

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This week, the New York Department of Financial Services forced PaxosBinance’s stablecoin partner BUSDto stop issuing new tokens. The token’s capitalization, which still reached $16 billion on Monday, has since melted to $14 billion.

December, Reuters reported that a long-running U.S. justice investigation threatened Binance and its executives with laundering. The investigations around the largest exchange on the planet have also intensified since the fall of its rival FTX.

Earlier this month, Krakenanother competing exchange platform, was fined $30 million for not registering its staking offer with the SEC.

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