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Binance Admits to Compliance Missteps, but Now in Talks With US Regulators

Leading cryptocurrency exchange Binance had “gaps” in regulatory compliance in the first few years after its launch in 2017, the company’s Chief Strategy Officer (CSO) Patrick Hillmann told the Wall Street Journal in an interview.

Hillmann revealed that Binance had missteps during the implementation of its security measures, such as the Know-Your-Customer (KYC) protocol and the Anti-Money Laundering (AML) rules designed to combat money laundering activities.

Hillmann blamed the shortcomings on a lack of staffing as the exchange’s small team was stretched thin, focusing on compliance, cybersecurity, and expansion at the time.

Hillmann also revealed that Binance is currently in talks with United States watchdogs for a possible settlement to halt existing regulatory investigations into its business operations in the country.

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