{"id":171125,"date":"2023-02-16T15:26:58","date_gmt":"2023-02-16T15:26:58","guid":{"rendered":"https:\/\/precoinnews.com\/?p=171125"},"modified":"2023-02-16T15:26:58","modified_gmt":"2023-02-16T15:26:58","slug":"binance-prepares-to-pay-fines-to-settle-outstanding-u-s-regulatory-probes","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/binance-prepares-to-pay-fines-to-settle-outstanding-u-s-regulatory-probes\/","title":{"rendered":"Binance Prepares To Pay Fines To Settle Outstanding U.S. Regulatory Probes"},"content":{"rendered":"

Binance, the world\u2019s largest cryptocurrency by trading volume, expects to pay fines and monetary penalties to settle ongoing investigations with United States regulators. This is according to a Wall Street Journal<\/em> report, citing the exchange\u2019s senior executive.<\/p>\n

Binance Gears Up For Potential Fines<\/strong><\/h2>\n

Binance is readying its chequebook to settle existing probes into its business in the U.S.<\/p>\n

Per Binance\u2019s chief strategy officer Patrick Hillmann, the software engineers who enabled the firm to develop were not initially aware of rules and laws relating to bribery, money laundering, sanctions evasion, and corruption. This resulted in gaps in Binance\u2019s compliance efforts, which the company is now striving to fill by \u201cworking with regulators to figure out what are the remediations we have to go through now to make amends for that,\u201d Hillmann reportedly told the WSJ.<\/p>\n

He believes the outcome of the ongoing probes will perhaps be monetary penalties, but \u201cthat is for regulators to decide\u201d, adding that Binance is still \u201chighly confident and feeling really good about where those discussions are going\u201d.<\/p>\n

U.S. Regulators vs Binance<\/strong><\/h2>\n

Binance has long been in the crosshairs of U.S. regulators.<\/p>\n

The U.S. Attorney\u2019s Office for the Western District of Washington has investigated the leading crypto exchange since 2018 for failing to register itself in the country.<\/p>\n

In September 2021, the Commodity Futures Trading Commission (CFTC) opened a probe into Binance, examining insider trading claims. At the time, the CFTC was already investigating whether Binance illegally allowed Americans to use the exchange.<\/p>\n

The FTX implosion hasn\u2019t improved Binance\u2019s relationship with U.S. regulators. Reuters <\/em>reported last December that prosecutors at the U.S. Department of Justice (DOJ) were split over whether the gathered evidence is enough to press criminal charges against the crypto exchange and its executives, including Changpeng Zhao or not.<\/p>\n

There were more regulatory thunderstorms for Binance earlier this week as the New York Department of Financial Services (NYDFS) forced Binance USD (BUSD) issuer Paxos to cease issuing the third largest stablecoin and “end its relationship” with the exchange.<\/p>\n

While Hillmann did not give a ballpark figure of the expected fines or when the investigation into the exchange might conclude, he did say that \u201cit will be a good moment for our company because it allows us to put it behind us.\u201d<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Binance, the world\u2019s largest cryptocurrency by trading<\/p>\n","protected":false},"author":3,"featured_media":171124,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nBinance Prepares To Pay Fines To Settle Outstanding U.S. Regulatory Probes - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/binance-prepares-to-pay-fines-to-settle-outstanding-u-s-regulatory-probes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance Prepares To Pay Fines To Settle Outstanding U.S. Regulatory Probes - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Binance, the world\u2019s largest cryptocurrency by trading\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/binance-prepares-to-pay-fines-to-settle-outstanding-u-s-regulatory-probes\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-16T15:26:58+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/02\/Binance-Prepares-To-Pay-Fines-To-Settle-Outstanding-U.S.-Regulatory-Probes-.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/binance-prepares-to-pay-fines-to-settle-outstanding-u-s-regulatory-probes\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/binance-prepares-to-pay-fines-to-settle-outstanding-u-s-regulatory-probes\/\",\"name\":\"Binance Prepares To Pay Fines To Settle Outstanding U.S. Regulatory Probes - 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