Binance, the world’s largest digital asset exchange, is preparing to face regulatory fines and penalties to settle outstanding investigations by regulatory and law enforcement authorities in the US.
The investigations relate to potential violations of anti-money laundering laws, offering crypto derivatives to US customers without registering with the agency, and trading firms connected to CEO Changpeng Zhao.
The lack of clarity for crypto in America has made it a “very confusing time for us,” according to Binance’s Chief Strategy Officer, Patrick Hillmann.
Although Binance is confident in discussions with regulators, Hillmann could not provide a specific timeline or figure for the fines.
With the Securities and Exchange Commission ramping up enforcement activity, Binance hopes that resolving the outstanding issues with US regulators will be a good moment for the company’s future.