Binance’s chief strategy officer stated that the crypto exchange would likely need to pay fines to resolve ongoing SEC inquiries into its U.S. operations.

The Wall Street Journal noted in its report that the Justice Department has been looking into Binance. This is over possible contraventions of US anti-money laundering legislation.

Executive Patrick Hillmann stated that Binance has been striving to close any holes in its early compliance efforts. Despite that, he still anticipates that regulators will levy fines for the previous behavior.

According to media sources, the Commodity Futures Trading Commission (CFTC) is looking into whether Binance marketed cryptocurrency derivatives to customers in the United States without legally notifying and registering with the regulator.

Hillmann noted that the company is “working with regulators to figure out what are the remediations we have to go through now to make amends for that.” Despite this, he anticipates that regulators could impose fines or more. However, he isn’t sure about the size of the penalty.

(By Shraddha Sharma)

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